
. 
. 
. **********************building trade data 07-08*******************
. 
. 
.         use Data\ixd_1_trim_2007.dta, clear

.         append using Data\ixd_2_trim_2007.dta

.         append using Data\ixd_1_trim_2008.dta

.         append using Data\ixd_2_trim_2008.dta

.         gen byte EU=0

.         replace EU=1 if flow=="II" | flow=="XI"
(4323991 real changes made)

.         replace flow="IMP" if flow=="II" | flow=="IE"
flow was str2 now str3
(2837979 real changes made)

.         replace flow="EXP" if flow=="XI" | flow=="XE"
(2647386 real changes made)

. 
.         gen chow = 1 if  ///
>                          nature == "1" | nature == "11" | nature == "12" | nature == "13" | 
> nature == "14" | nature == "15" | nature == "16" | nature == "17" | ///
>                          nature == "18" | nature == "19"  | ///
>                          nature == "3" | nature == "31" | nature == "32" | nature == "33" | 
> nature == "34" | nature == "35" | nature == "36" | nature == "37" | ///
>                          nature == "38" | nature == "39"  | ///
>                          nature == "7" | nature == "71" | nature == "72" | nature == "73" | 
> nature == "74" | nature == "75" | nature == "76" | nature == "77" | ///
>                          nature == "78" | nature == "79"  | ///
>                          nature ==  "8" | nature ==  "81" | nature ==  "82" | nature ==  "83
> " | nature ==  "84" | nature ==  "85" | nature ==  "86" | ///
>                          nature == "87" | nature ==  "88" | nature ==  "89"
(654532 missing values generated)

.         
.         *******keeping only those transactins involving changes in ownerships*****
.         keep if chow == 1 
(654532 observations deleted)

.         drop chow

.         drop nature

.         ***********     
. 
. 
.         **Eliminating some unuseful codes 
.         
.         drop if  land == "EU" |land == "II" | land == "BE" |land == "XX" | land == "QQ" | la
> nd == "QU" | land =="QX" |  land =="QY" |  land =="QZ" | land =="XN" |  land =="XU" |  land 
> =="XV" |  land =="XW" |  land =="XS" |  land =="XR" |  land =="XQ" |  land =="XP" |  land ==
> "XO" |  land =="XT"   
(8612 observations deleted)

.                 
.         ***drop trade by non residents********
. 
.         sort vat year

.         merge vat year using Data\Non_residents_year_2007.dta
variables vat year do not uniquely identify observations in the master data
year was int now float

.         drop if _merge==2
(2773 observations deleted)

.         drop _merge

.         gen keep=1

.         replace keep=0 if resd!=""
(211922 real changes made)

.         drop  resd

. 
.         sort vat year

.         merge vat year using Data\Non_residents_year_2008.dta
variables vat year do not uniquely identify observations in the master data

.         drop if _merge==2
(2830 observations deleted)

.         drop _merge

.         replace keep=0 if resd!=""
(241234 real changes made)

.         drop  resd

. 
.         keep if keep==1
(453156 observations deleted)

. 
. 
.         collapse (sum)  weight units value (mean) EU, by( year vat flow land code)

.         save single_step_07_08.dta, replace
file single_step_07_08.dta saved

. 
. 
. **********************building trade data 08-09*******************
. 
.         use Data\ixd_1_trim_2008.dta, clear

.         append using Data\ixd_2_trim_2008.dta

.         append using Data\ixd_1_trim_2009.dta

.         append using Data\ixd_2_trim_2009.dta

.         gen byte EU=0

.         replace EU=1 if flow=="II" | flow=="XI"
(4336043 real changes made)

.         replace flow="IMP" if flow=="II" | flow=="IE"
flow was str2 now str3
(2953140 real changes made)

.         replace flow="EXP" if flow=="XI" | flow=="XE"
(2753746 real changes made)

. 
.         gen chow = 1 if  ///
>                          nature == "1" | nature == "11" | nature == "12" | nature == "13" | 
> nature == "14" | nature == "15" | nature == "16" | nature == "17" | ///
>                          nature == "18" | nature == "19"  | ///
>                          nature == "3" | nature == "31" | nature == "32" | nature == "33" | 
> nature == "34" | nature == "35" | nature == "36" | nature == "37" | ///
>                          nature == "38" | nature == "39"  | ///
>                          nature == "7" | nature == "71" | nature == "72" | nature == "73" | 
> nature == "74" | nature == "75" | nature == "76" | nature == "77" | ///
>                          nature == "78" | nature == "79"  | ///
>                          nature ==  "8" | nature ==  "81" | nature ==  "82" | nature ==  "83
> " | nature ==  "84" | nature ==  "85" | nature ==  "86" | ///
>                          nature == "87" | nature ==  "88" | nature ==  "89"
(676295 missing values generated)

.         
.         *******keeping only those transactins involving changes in ownerships*****
.         keep if chow == 1 
(676295 observations deleted)

.         drop chow

.         drop nature

.         ***********     
. 
. 
.         **Eliminating some unuseful codes 
.         
.         drop if  land == "EU" |land == "II" | land == "BE" |land == "XX" | land == "QQ" | la
> nd == "QU" | land =="QX" |  land =="QY" |  land =="QZ" | land =="XN" |  land =="XU" |  land 
> =="XV" |  land =="XW" |  land =="XS" |  land =="XR" |  land =="XQ" |  land =="XP" |  land ==
> "XO" |  land =="XT"   
(9549 observations deleted)

.                 
.         ***drop trade by non residents********
. 
.         sort vat year

.         merge vat year using Data\Non_residents_year_2008.dta
variables vat year do not uniquely identify observations in the master data
year was int now float

.         drop if _merge==2
(2830 observations deleted)

.         drop _merge

.         gen keep=1

.         replace keep=0 if resd!=""
(241234 real changes made)

.         drop  resd

. 
.         sort vat year

.         merge vat year using Data\Non_residents_year_2009.dta
variables vat year do not uniquely identify observations in the master data

.         drop if _merge==2
(2948 observations deleted)

.         drop _merge

.         replace keep=0 if resd!=""
(252544 real changes made)

.         drop  resd

. 
.         keep if keep==1
(493778 observations deleted)

. 
. 
.         collapse (sum)  weight units value (mean) EU, by( year vat flow land code)

.         save single_step_08_09.dta, replace
file single_step_08_09.dta saved

. 
. 
. 
. *********************************
. ******Now look at exports********
. *********************************
. 
. 
. use single_step_07_08.dta, clear

. drop if year==2008
(1524695 observations deleted)

. append using single_step_08_09.dta

. keep if flow=="EXP"
(2477401 observations deleted)

. gen HS4=substr(code, 1,4)

. drop code

. collapse (sum)  weight units value (mean) EU, by( year vat land HS4)

. tostring  vat, generate (vat_string)
vat_string generated as str9

. egen fake_ID=concat(vat_string land HS4)

. 
. preserve

. 
. collapse(mean)  value, by( fake_ID)

. sort  fake_ID

. gen pippo=1

. gen fake_ID_number=sum( pippo)

. keep  fake_ID fake_ID_number

. sort fake_ID

. save fake_ID.dta, replace
file fake_ID.dta saved

. 
. restore

. 
. sort fake_ID

. merge fake_ID using fake_ID.dta
variable fake_ID does not uniquely identify observations in the master data

. drop  vat_string fake_ID _merge

. 
. save single_step.dta, replace
file single_step.dta saved

. 
. ****************************************************
. 
. use single_step.dta, clear

. keep if year==2007
(863529 observations deleted)

. 
. * Now add firm information 07-08
. 
. sort vat 

. merge vat using Data\firm_data_07_08.dta
variable vat does not uniquely identify observations in the master data
variable vat does not uniquely identify observations in Data\firm_data_07_08.dta

. drop if _merge==2
(18222 observations deleted)

. drop _merge

. 
. save temp.dta, replace
(note: file temp.dta not found)
file temp.dta saved

. 
. use single_step.dta, clear

. drop if year==2007
(395106 observations deleted)

. 
. * Now add firm information 08-09
. 
. sort vat 

. merge vat using Data\firm_data.dta
variable vat does not uniquely identify observations in the master data
variable vat does not uniquely identify observations in Data\firm_data.dta

. drop if _merge==2
(18202 observations deleted)

. drop _merge

. 
. append using temp.dta

. erase temp.dta

. 
. * Now add country information
. 
. sort land

. merge land using Data\OECD_2008.dta
variable land does not uniquely identify observations in the master data

. drop if _merge==2
(12 observations deleted)

. replace  oecd_2008=0 if  oecd_2008==.
(13143 real changes made)

. drop _merge

. replace oecd_2008=0 if EU==1
(697820 real changes made)

. rename oecd_2008 oecd_2008_no_EU

. rename land iso2

. sort iso2

. merge iso2 using  C:\NBB\Projects\ECB\Data\Exchange_rate_change_new.dta
variable iso2 does not uniquely identify observations in the master data

. drop if _merge==2
(11 observations deleted)

. drop _merge

. sort iso2

. merge iso2 using C:\NBB\Projects\ECB\Data\GDP_const_price_g_rate.dta
variable iso2 does not uniquely identify observations in the master data

. drop if _merge==2
(4 observations deleted)

. drop _merge

. gen growth_rate_X=.
(1258635 missing values generated)

. replace growth_rate_X=(growth_rate_08+growth_rate_07)/2 if year==2007
(390373 real changes made)

. replace growth_rate_X=(growth_rate_09+growth_rate_08)/2 if year==2008
(426847 real changes made)

. gen ex_rate_change=.
(1258635 missing values generated)

. replace ex_rate_change=change2 if year==2007
(394456 real changes made)

. replace ex_rate_change=change3 if year==2008
(432896 real changes made)

. 
. * Now add product information
. 
. rename HS4  CN4_2008

. sort   CN4_2008

. merge  CN4_2008 using Data\cn_2008_cpa_2002.dta
variable CN4_2008 does not uniquely identify observations in the master data

. drop if _merge==2
(15 observations deleted)

. replace Other=1 if _merge==1
(14095 real changes made)

. recode Intermediate Capital_goods Consumer_dur Consumer_n_dur Energy (.=0) if _merge==1
(Intermediate: 14095 changes made)
(Capital_goods: 14095 changes made)
(Consumer_dur: 14095 changes made)
(Consumer_n_dur: 14095 changes made)
(Energy: 14095 changes made)

. drop _merge

. 
. rename  CN4_2008 HS4

. sort HS4

. merge HS4 using "C:\NBB\Projects\ECB\Data\Contractibility_HS4.dta",
variable HS4 does not uniquely identify observations in the master data

. drop if _merge==2
(57 observations deleted)

. drop _merge

. su

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        year |   1258635    2008.028    .8091898       2007       2009
         vat |   1258635    4.86e+08    1.50e+08   1.00e+08   1.00e+09
        iso2 |         0
         HS4 |         0
      weight |   1258635    156255.2     5008944          0   1.32e+09
-------------+--------------------------------------------------------
       units |   1258635     18346.5     1051306          0   4.96e+08
       value |   1258635    215402.4     5324968        .01   2.35e+09
          EU |   1258635    .6738943    .4687867          0          1
fake_ID_nu~r |   1258635    342334.5    201180.3          1     708176
       nace2 |   1093827    41.74308    15.19107          1         99
-------------+--------------------------------------------------------
      r_size |   1043709    .8666726    .3399284          0          1
      r_prod |   1043709    .7030695    .4569059          0          1
        r_ci |   1038602    .4978789    .4999957          0          1
   r_skill_i |   1043709    .7491466    .4335045          0          1
r_share_ex~s |   1091042    .8226677    .3819499          0          1
-------------+--------------------------------------------------------
r_share_im~m |   1092825    .6185995    .4857308          0          1
r_value_ad~n |   1091042    .8349697    .3712081          0          1
r_interm_s~e |   1091019    .5820357    .4932245          0          1
r_share_d~ve |   1079235      .43063    .4951647          0          1
r_share_d~ne |   1079235    .4908227     .499916          0          1
-------------+--------------------------------------------------------
r_share_fi~t |   1078402    .5381806    .4985403          0          1
r_share_st~k |   1036055    .5334302    .4988814          0          1
r_ext_fin_~p |   1022022    .3488653    .4766115          0          1
         for |   1094092    .2832943    .4505983          0          1
         mne |   1094092    .2309998    .4214725          0          1
-------------+--------------------------------------------------------
oecd_2008_~U |   1258635    .1076682    .3099611          0          1
     change1 |   1256285   -.0052651    .1583962  -.9998885   .4896546
     change2 |   1256285    .0321124    .0825892  -.9583697   1.473746
     change3 |   1256890    .0237034    .1102378   -.226007   .7071173
growth_ra~07 |   1240737    4.278867    2.562201     -6.915     23.383
-------------+--------------------------------------------------------
growth_ra~08 |   1240737    1.994193    2.658279    -14.055     16.395
growth_ra~09 |   1240737   -3.284438    3.810146      -18.5     15.657
growth_rat~X |    817220    1.130472    3.198742   -11.2955    17.5065
ex_rate_ch~e |    827352      .02748    .0986782  -.9583697   1.473746
   CPA3_2002 |         0
-------------+--------------------------------------------------------
   CPA2_2002 |         0
Intermediate |   1258635    .4539227    .4978726          0          1
Capital_go~s |   1258635    .1950565    .3962444          0          1
Consumer_dur |   1258635    .0346645    .1829288          0          1
Consumer_n~r |   1258635    .2348846    .4239269          0          1
-------------+--------------------------------------------------------
      Energy |   1258635    .0066342    .0811798          0          1
       Other |   1258635    .0748374    .2631289          0          1
frac_lib_d~g |   1167931    .7656231    .4236089          0          1
frac_lib_n~g |   1167931    .9613676    .1927174          0          1
frac_con_d~g |   1167931    .8020345    .3984662          0          1
-------------+--------------------------------------------------------
frac_con_n~g |   1167931    .9737699    .1598191          0          1

. 
. drop change1 change2 change3 growth_rate_07 growth_rate_08 growth_rate_09 weight units CPA3_
> 2002 CPA2_2002  frac_con_diff_orig frac_con_not_homog_orig

. 
. recode r* for mne   oecd_2008_no_EU EU Intermediate Capital_goods Consumer_dur Consumer_n_du
> r Energy Other  frac_lib_diff_orig frac_lib_not_homog_orig( 0=.) if year==2009
(r_size: 47752 changes made)
(r_prod: 105774 changes made)
(r_ci: 181734 changes made)
(r_skill_i: 90522 changes made)
(r_share_exp_sales: 68655 changes made)
(r_share_imp_interm: 142405 changes made)
(r_value_add_chain: 64505 changes made)
(r_interm_share: 156568 changes made)
(r_share_debts_o_passive: 215156 changes made)
(r_share_debts_due_after_one: 188077 changes made)
(r_share_fin_debt: 172555 changes made)
(r_share_stock: 163084 changes made)
(r_ext_fin_dep: 233348 changes made)
(for: 270251 changes made)
(mne: 290771 changes made)
(oecd_2008_no_EU: 380722 changes made)
(EU: 146733 changes made)
(Intermediate: 233591 changes made)
(Capital_goods: 346741 changes made)
(Consumer_dur: 415386 changes made)
(Consumer_n_dur: 328279 changes made)
(Energy: 427211 changes made)
(Other: 398792 changes made)
(frac_lib_diff_orig: 93377 changes made)
(frac_lib_not_homog_orig: 15479 changes made)

. recode r* for mne   oecd_2008_no_EU EU Intermediate Capital_goods Consumer_dur Consumer_n_du
> r Energy Other  frac_lib_diff_orig frac_lib_not_homog_orig( 1=.) if year==2009
(r_size: 313879 changes made)
(r_prod: 255857 changes made)
(r_ci: 178095 changes made)
(r_skill_i: 271109 changes made)
(r_share_exp_sales: 306719 changes made)
(r_share_imp_interm: 234430 changes made)
(r_value_add_chain: 310869 changes made)
(r_interm_share: 218794 changes made)
(r_share_debts_o_passive: 157356 changes made)
(r_share_debts_due_after_one: 184435 changes made)
(r_share_fin_debt: 199662 changes made)
(r_share_stock: 192835 changes made)
(r_ext_fin_dep: 119239 changes made)
(for: 107273 changes made)
(mne: 86753 changes made)
(oecd_2008_no_EU: 49278 changes made)
(EU: 283267 changes made)
(Intermediate: 196409 changes made)
(Capital_goods: 83259 changes made)
(Consumer_dur: 14614 changes made)
(Consumer_n_dur: 101721 changes made)
(Energy: 2789 changes made)
(Other: 31208 changes made)
(frac_lib_diff_orig: 306224 changes made)
(frac_lib_not_homog_orig: 384122 changes made)

. replace nace2=. if year==2009
(377403 real changes made, 377403 to missing)

. 
. save single_step_estim.dta, replace
file single_step_estim.dta saved

. 
. ****************************
. 
. use single_step_estim.dta, clear

. 
. * Now add industry dummies
. 
. xi i.nace2, pre(nace)
i.nace2           nacenace2_1-99      (naturally coded; nacenace2_1 omitted)

. gen  nacenace2_1=0

. replace  nacenace2_1=1 if nace2==1
(2406 real changes made)

. drop nacenace2_34

. *we take automobile as reference
. 
. xtset  fake_ID_number year
       panel variable:  fake_ID_number (unbalanced)
        time variable:  year, 2007 to 2009, but with gaps
                delta:  1 unit

. 
. gen pippo=log(f1.value)-log(value)
(729399 missing values generated)

. *pippo is the log change in "continuing transactions" values, i.e. triplets of firm-country-
> HS4 product trade that are registed in both 2008 and 2009
. 
. 
. *Has the decrease be equal across continuing transactions of different size?
. su pippo if year==2007, de 

                            pippo
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -4.220352      -13.58534
 5%    -2.273794      -13.46278
10%    -1.499531      -13.42435       Obs              257020
25%    -.5792594      -13.20872       Sum of Wgt.      257020

50%      .009533                      Mean           -.017415
                        Largest       Std. Dev.      1.389334
75%     .5743068       11.08216
90%     1.422895       12.27299       Variance       1.930248
95%     2.138496       12.39954       Skewness       -.210862
99%     3.959671       14.36357       Kurtosis       8.133549

. su pippo if year==2008, de 

                            pippo
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -4.394449      -13.86883
 5%     -2.50954      -13.01863
10%    -1.755611      -12.66981       Obs              272216
25%    -.8200426      -12.48874       Sum of Wgt.      272216

50%    -.1583683                      Mean          -.1820366
                        Largest       Std. Dev.      1.454678
75%      .445621        12.5997
90%     1.360092       12.96038       Variance       2.116087
95%     2.124497       13.09116       Skewness       .0046801
99%     4.065138        13.9067       Kurtosis       7.557294

. *as one can see the mean and median drop are lower than the aggregate drop indicating that b
> igger transactions have reduced more. We need robustness with WLS
. 
. 
. 
. gen pippi=0

. replace pippi=1 if (r_size + r_prod + r_interm_share + r_share_exp_sales + r_share_imp_inter
> m + r_value_add_chain +  r_ext_fin_dep + r_share_debts_o_passive + r_share_debts_due_after_o
> ne + r_share_fin_debt + r_share_stock + for + mne + oecd_2008 + EU +  ex_rate_change + growt
> h_rate_X+ nace2+frac_lib_diff_orig ) != .
(587158 real changes made)

. 
. 
. gen no_EU_no_OECD=.
(1258635 missing values generated)

. replace no_EU_no_OECD=1 if EU==0 & oecd_2008==0
(177478 real changes made)

. replace no_EU_no_OECD=0 if EU==1 | oecd_2008==1
(651157 real changes made)

. 
. gen crisis=.
(1258635 missing values generated)

. replace crisis=0 if year==2007
(395106 real changes made)

. replace crisis=1 if year==2008
(433529 real changes made)

. 
. generate is_nace2=nace2*crisis
(542211 missing values generated)

. 
. generate i_r_size=r_size*crisis
(576557 missing values generated)

. generate i_r_prod=r_prod*crisis
(576557 missing values generated)

. generate i_r_interm_share=r_interm_share*crisis
(542978 missing values generated)

. generate i_r_share_exp_sales=r_share_exp_sales*crisis
(542967 missing values generated)

. generate i_r_share_imp_interm=r_share_imp_interm*crisis
(542645 missing values generated)

. generate i_r_value_add_chain=r_value_add_chain*crisis
(542967 missing values generated)

. generate i_r_ext_fin_dep=r_ext_fin_dep*crisis
(589200 missing values generated)

. generate i_r_share_debts_o_passive=r_share_debts_o_passive*crisis
(551912 missing values generated)

. generate i_r_share_debts_due_after_one=r_share_debts_due_after_one*crisis
(551912 missing values generated)

. generate i_r_share_fin_debt=r_share_fin_debt*crisis
(552450 missing values generated)

. generate i_r_share_stock=r_share_stock*crisis
(578499 missing values generated)

. generate i_for=for*crisis
(542067 missing values generated)

. generate i_mne=mne*crisis
(542067 missing values generated)

. generate i_oecd_2008=oecd_2008*crisis
(430000 missing values generated)

. generate i_no_EU_no_OECD=no_EU_no_OECD*crisis
(430000 missing values generated)

. generate i_ex_rate_change=ex_rate_change*crisis
(431283 missing values generated)

. generate i_growth_rate_X=growth_rate_X*crisis
(441415 missing values generated)

. generate i_Intermediate=Intermediate*crisis
(430000 missing values generated)

. generate i_Capital_goods=Capital_goods*crisis
(430000 missing values generated)

. generate i_Consumer_dur=Consumer_dur*crisis
(430000 missing values generated)

. generate i_Energy=Energy*crisis
(430000 missing values generated)

. generate i_Other=Other*crisis
(430000 missing values generated)

. generate i_frac_lib_diff_orig=frac_lib_diff_orig*crisis
(490305 missing values generated)

. 
. 
. xi i.is_nace2, pre(is_n)
i.is_nace2        is_nis_nace_0-99    (naturally coded; is_nis_nace_0 omitted)

. drop  is_nis_nace_34

. *we take automobile as reference
. 
. gen peso=log(value+1) if pippo!=.
(729399 missing values generated)

. 
. 
. local instruct "tex tdec(4) rdec(4) auto(4) bdec (4) symbol($^a$,$^b$,$^c$)  se"

. local firm_var " r_size r_prod  r_interm_share  r_share_exp_sales  r_share_imp_interm r_valu
> e_add_chain r_ext_fin_dep r_share_debts_o_passive r_share_debts_due_after_one r_share_fin_de
> bt r_share_stock for mne"

. local prod_var " Intermediate Capital_goods Consumer_dur  Energy Other  frac_lib_diff_orig "

. local country_var " oecd_2008 no_EU_no_OECD  ex_rate_change growth_rate_X "

. local inter "i_*"

. local dummies "  nacenace2_*  is_nis_nace_*"

. 
. 
. ****vat clustering with nace dummies****
. 
. *OLS
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies', cluster(vat)

Linear regression                                      Number of obs =  400626
                                                       F(134,  7639) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0104
                                                       Root MSE      =  1.4066

                                 (Std. Err. adjusted for 7640 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |   -.279351   .1252753    -2.23   0.026    -.5249249   -.0337771
      r_size |   .0370679   .0192412     1.93   0.054    -.0006502     .074786
      r_prod |   .0108036    .016706     0.65   0.518    -.0219448     .043552
r_interm_s~e |   .0031968   .0161315     0.20   0.843    -.0284253     .034819
r_share_ex~s |  -.0086952   .0223986    -0.39   0.698    -.0526026    .0352122
r_share_im~m |  -.0510577   .0187208    -2.73   0.006    -.0877555   -.0143598
r_value_ad~n |   .0308682    .025504     1.21   0.226    -.0191266     .080863
r_ext_fin_~p |  -.0350041   .0208642    -1.68   0.093    -.0759037    .0058956
r_share_d~ve |  -.0167515   .0182512    -0.92   0.359     -.052529     .019026
r_share_d~ne |   .0103811   .0173258     0.60   0.549    -.0235823    .0443445
r_share_fi~t |   .0208974   .0203838     1.03   0.305    -.0190604    .0608553
r_share_st~k |   .0104465   .0167264     0.62   0.532    -.0223419    .0432349
         for |   .0181065   .0238215     0.76   0.447    -.0285901    .0648032
         mne |   .0114394    .027913     0.41   0.682    -.0432777    .0661566
oecd_2008_~U |   -.156105   .0208042    -7.50   0.000     -.196887    -.115323
no_EU_no_O~D |  -.0742489   .0279234    -2.66   0.008    -.1289864   -.0195115
ex_rate_ch~e |  -.2884867   .0708375    -4.07   0.000    -.4273476   -.1496258
growth_rat~X |   .0137884   .0043186     3.19   0.001     .0053228     .022254
Intermediate |   .0126164   .0133231     0.95   0.344    -.0135004    .0387333
Capital_go~s |  -.0054878    .019735    -0.28   0.781    -.0441738    .0331983
Consumer_dur |  -.0170886   .0295987    -0.58   0.564    -.0751101    .0409329
      Energy |   .0944048   .0405769     2.33   0.020     .0148629    .1739467
       Other |   .0149858    .023578     0.64   0.525    -.0312335    .0612051
frac_lib_d~g |  -.0347289   .0134956    -2.57   0.010     -.061184   -.0082739
    i_r_size |  -.0305433   .0317269    -0.96   0.336    -.0927367    .0316502
    i_r_prod |  -.0101127   .0246006    -0.41   0.681    -.0583366    .0381111
i_r_interm~e |  -.0193927   .0242461    -0.80   0.424    -.0669217    .0281363
i_r_share_~s |  -.0239075   .0356889    -0.67   0.503    -.0938676    .0460526
i_r_share_~m |   .0611043   .0279872     2.18   0.029     .0062417     .115967
i_r_value_~n |  -.0148234   .0385456    -0.38   0.701    -.0903833    .0607365
i_r_ext_fi~p |   .0201074    .026381     0.76   0.446    -.0316066    .0718213
i_r_share~ve |  -.0177931   .0282147    -0.63   0.528    -.0731017    .0375155
i_r_share~ne |   .0455737   .0215974     2.11   0.035     .0032369    .0879105
i_r_share_~t |  -.0668139   .0237378    -2.81   0.005    -.1133465   -.0202813
i_r_share_~k |   .0234028   .0243503     0.96   0.337    -.0243305    .0711362
       i_for |   -.044384   .0346908    -1.28   0.201    -.1123874    .0236194
       i_mne |  -.0255258   .0376815    -0.68   0.498    -.0993918    .0483403
 i_oecd_2008 |   .2789993   .0359958     7.75   0.000     .2084377    .3495609
i_no_EU_no~D |   .1013346   .0417166     2.43   0.015     .0195585    .1831107
i_ex_rate_~e |  -.1769022   .0870262    -2.03   0.042    -.3474975   -.0063069
i_growth_r~X |    .011499   .0049059     2.34   0.019     .0018821    .0211158
i_Intermed~e |  -.0485078   .0215291    -2.25   0.024    -.0907107   -.0063049
i_Capital_~s |  -.0746107    .031305    -2.38   0.017     -.135977   -.0132444
i_Consumer~r |  -.1134982   .0433682    -2.62   0.009    -.1985117   -.0284847
    i_Energy |  -.1323974    .065695    -2.02   0.044    -.2611777   -.0036171
     i_Other |  -.0578856   .0337351    -1.72   0.086    -.1240156    .0082444
i_frac_lib~g |    .051873    .019057     2.72   0.007      .014516      .08923
 nacenace2_2 |  -.1186214   .1318889    -0.90   0.368    -.3771599    .1399171
 nacenace2_5 |   .1273512   .0685159     1.86   0.063    -.0069588    .2616613
nacenace2_14 |    .009468   .0710286     0.13   0.894    -.1297676    .1487035
nacenace2_15 |   .0110359   .0534317     0.21   0.836    -.0937049    .1157767
nacenace2_16 |   .2378506   .1996242     1.19   0.233    -.1534676    .6291689
nacenace2_17 |  -.1603311   .0532179    -3.01   0.003    -.2646528   -.0560094
nacenace2_18 |  -.0587414   .0730731    -0.80   0.421    -.2019847    .0845018
nacenace2_19 |  -.0818064    .063603    -1.29   0.198    -.2064857    .0428729
nacenace2_20 |  -.1182135   .0645201    -1.83   0.067    -.2446907    .0082636
nacenace2_21 |  -.0880996    .064917    -1.36   0.175    -.2153548    .0391556
nacenace2_22 |  -.0879518   .0712807    -1.23   0.217    -.2276816    .0517779
nacenace2_23 |   -.020848   .0592865    -0.35   0.725    -.1370659    .0953698
nacenace2_24 |  -.0779003   .0570739    -1.36   0.172    -.1897808    .0339802
nacenace2_25 |  -.0580663   .0516892    -1.12   0.261    -.1593914    .0432587
nacenace2_26 |  -.0363407   .0576765    -0.63   0.529    -.1494025    .0767212
nacenace2_27 |   .0155863   .0598643     0.26   0.795    -.1017642    .1329368
nacenace2_28 |  -.0514812   .0520639    -0.99   0.323    -.1535407    .0505783
nacenace2_29 |   .0359074   .0688268     0.52   0.602    -.0990119    .1708268
nacenace2_30 |   -.220045   .0848511    -2.59   0.010    -.3863764   -.0537135
nacenace2_31 |  -.1141449   .0833467    -1.37   0.171    -.2775273    .0492374
nacenace2_32 |  -.1792251   .1712389    -1.05   0.295    -.5149004    .1564501
nacenace2_33 |  -.0632845   .0687507    -0.92   0.357    -.1980548    .0714857
nacenace2_35 |  -.1060976   .1004832    -1.06   0.291    -.3030722     .090877
nacenace2_36 |  -.0885785    .063348    -1.40   0.162    -.2127581     .035601
nacenace2_37 |  -.0850936   .0733766    -1.16   0.246     -.228932    .0587447
nacenace2_40 |   .7898046   .4410404     1.79   0.073    -.0747557    1.654365
nacenace2_41 |   .8994441   .1053083     8.54   0.000     .6930109    1.105877
nacenace2_45 |  -.1651577   .0966111    -1.71   0.087    -.3545421    .0242267
nacenace2_50 |  -.1159372   .0720366    -1.61   0.108    -.2571488    .0252744
nacenace2_51 |  -.0395811   .0511423    -0.77   0.439    -.1398339    .0606718
nacenace2_52 |  -.0087496    .066504    -0.13   0.895    -.1391158    .1216165
nacenace2_55 |  -.0706974   .0836256    -0.85   0.398    -.2346265    .0932316
nacenace2_60 |   .0953965    .192696     0.50   0.621    -.2823407    .4731337
nacenace2_61 |  (dropped)
nacenace2_62 |   1.746981   .0707214    24.70   0.000     1.608348    1.885615
nacenace2_63 |  -.0337996    .101893    -0.33   0.740    -.2335379    .1659386
nacenace2_64 |  -.2042567   .1594235    -1.28   0.200    -.5167706    .1082572
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.4878965   .1731527    -2.82   0.005    -.8273233   -.1484698
nacenace2_71 |   -.006395   .1256925    -0.05   0.959    -.2527868    .2399968
nacenace2_72 |  -.1022466   .0948756    -1.08   0.281    -.2882288    .0837356
nacenace2_73 |   .0818131   .0813747     1.01   0.315    -.0777036    .2413297
nacenace2_74 |  -.1944572   .0667493    -2.91   0.004    -.3253042   -.0636103
nacenace2_80 |  (dropped)
nacenace2_85 |  -1.274934   .9742716    -1.31   0.191    -3.184774    .6349061
nacenace2_90 |  -.0547248   .1845765    -0.30   0.767    -.4165454    .3070958
nacenace2_91 |   .4981009   .0567321     8.78   0.000     .3868903    .6093115
nacenace2_92 |  -.0137636   .2411608    -0.06   0.954    -.4865051    .4589779
nacenace2_93 |   -.302314   .0554027    -5.46   0.000    -.4109184   -.1937096
nacenace2_99 |  (dropped)
 nacenace2_1 |   .1288785   .0766191     1.68   0.093    -.0213159     .279073
is_nis_na~_1 |   .0668076   .1392195     0.48   0.631    -.2061009    .3397161
is_nis_na~_2 |   .2120806   .3718258     0.57   0.568       -.5168    .9409612
is_nis_na~_5 |  -.0124247   .1403336    -0.09   0.929    -.2875172    .2626678
is_nis_na~14 |   .0657405   .1346669     0.49   0.625    -.1982436    .3297245
is_nis_na~15 |   .2635567   .1113595     2.37   0.018     .0452615    .4818519
is_nis_na~16 |  -.0102612   .3205651    -0.03   0.974    -.6386568    .6181344
is_nis_na~17 |   .1284962   .1124447     1.14   0.253    -.0919263    .3489188
is_nis_na~18 |   .2291759   .1314158     1.74   0.081    -.0284353     .486787
is_nis_na~19 |   .1082609   .1260293     0.86   0.390    -.1387912     .355313
is_nis_na~20 |   .1728529   .1247865     1.39   0.166    -.0717628    .4174686
is_nis_na~21 |   .1679663   .1146732     1.46   0.143    -.0568246    .3927572
is_nis_na~22 |   .2360764   .1302814     1.81   0.070    -.0193109    .4914637
is_nis_na~23 |   .1076448   .1546679     0.70   0.486    -.1955467    .4108363
is_nis_na~24 |   .2406443   .1140852     2.11   0.035     .0170059    .4642827
is_nis_na~25 |   .0772116   .1133223     0.68   0.496    -.1449312    .2993544
is_nis_na~26 |    .022116   .1217878     0.18   0.856    -.2166215    .2608536
is_nis_na~27 |  -.2494473   .1154359    -2.16   0.031    -.4757334   -.0231612
is_nis_na~28 |   .1044928    .110951     0.94   0.346    -.1130016    .3219873
is_nis_na~29 |   .0625538   .1173229     0.53   0.594    -.1674312    .2925388
is_nis_na~30 |   .0894853   .1473881     0.61   0.544    -.1994358    .3784063
is_nis_na~31 |   .2763442   .1552904     1.78   0.075    -.0280677    .5807561
is_nis_na~32 |    .232972   .2902531     0.80   0.422    -.3360037    .8019477
is_nis_na~33 |    .118472   .1383263     0.86   0.392    -.1526856    .3896295
is_nis_na~35 |   .5542785   .1824839     3.04   0.002     .1965599    .9119971
is_nis_na~36 |   .1946224   .1185728     1.64   0.101    -.0378129    .4270577
is_nis_na~37 |      .0463   .1342269     0.34   0.730    -.2168216    .3094216
is_nis_na~40 |  -.6827855   .4580885    -1.49   0.136    -1.580765    .2151938
is_nis_na~41 |  (dropped)
is_nis_na~45 |   .1265583   .1647177     0.77   0.442    -.1963337    .4494502
is_nis_na~50 |   .3524805   .1288634     2.74   0.006      .099873    .6050881
is_nis_na~51 |    .224011   .1085035     2.06   0.039     .0113143    .4367077
is_nis_na~52 |   .2708307   .1348301     2.01   0.045     .0065267    .5351347
is_nis_na~55 |   .2971305   .1563601     1.90   0.057    -.0093783    .6036393
is_nis_na~60 |   .0549647   .3202054     0.17   0.864    -.5727259    .6826553
is_nis_na~61 |  (dropped)
is_nis_na~62 |   -.596134   .1257867    -4.74   0.000    -.8427104   -.3495576
is_nis_na~63 |    .396675   .1869364     2.12   0.034     .0302283    .7631218
is_nis_na~64 |   .5382169   .1560754     3.45   0.001     .2322662    .8441676
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .5722067   .1795025     3.19   0.001     .2203325     .924081
is_nis_na~71 |  -.0016511   .1881676    -0.01   0.993    -.3705112     .367209
is_nis_na~72 |   .1599881   .1672307     0.96   0.339    -.1678299    .4878061
is_nis_na~73 |   .4444208   .1310345     3.39   0.001     .1875571    .7012844
is_nis_na~74 |   .3629624   .1287328     2.82   0.005     .1106107    .6153142
is_nis_na~80 |  (dropped)
is_nis_na~85 |   2.762951   1.359186     2.03   0.042     .0985735    5.427328
is_nis_na~90 |  -.2086456   .2950589    -0.71   0.480    -.7870421    .3697508
is_nis_na~91 |  -.2788179   .1117128    -2.50   0.013    -.4978057   -.0598301
is_nis_na~92 |  -.0273027   .3539268    -0.08   0.939    -.7210963     .666491
is_nis_na~93 |   .8484246   .2502902     3.39   0.001     .3577871    1.339062
is_nis_na~99 |  (dropped)
       _cons |   .0064009   .0702535     0.09   0.927    -.1313152     .144117
------------------------------------------------------------------------------

. outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluster
> .xls,ctitle(exports OLS vat clu)  `instruct' replace
Results/table_DD_cluster.tex
Results/table_DD_cluster.xls
dir : seeout

. 
. *WLS
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' [pweight=(peso)]
> , cluster(vat)
(sum of wgt is   3.5636e+06)

Linear regression                                      Number of obs =  400626
                                                       F(134,  7639) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0138
                                                       Root MSE      =   1.308

                                 (Std. Err. adjusted for 7640 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.2638726   .1188115    -2.22   0.026    -.4967759   -.0309694
      r_size |   .0320284   .0182624     1.75   0.080    -.0037708    .0678277
      r_prod |   .0207866   .0168617     1.23   0.218    -.0122669    .0538401
r_interm_s~e |   .0098097   .0148523     0.66   0.509    -.0193048    .0389243
r_share_ex~s |   .0038554   .0205446     0.19   0.851    -.0364176    .0441284
r_share_im~m |  -.0504644   .0162387    -3.11   0.002    -.0822966   -.0186321
r_value_ad~n |    .026039   .0244446     1.07   0.287    -.0218792    .0739571
r_ext_fin_~p |  -.0311767   .0202074    -1.54   0.123    -.0707887    .0084354
r_share_d~ve |  -.0169464   .0176091    -0.96   0.336    -.0514651    .0175723
r_share_d~ne |    .013798   .0151303     0.91   0.362    -.0158617    .0434576
r_share_fi~t |   .0113119   .0178986     0.63   0.527    -.0237743    .0463981
r_share_st~k |   .0112867   .0158555     0.71   0.477    -.0197945    .0423679
         for |   .0086105   .0221684     0.39   0.698    -.0348456    .0520666
         mne |   .0078562   .0267581     0.29   0.769    -.0445971    .0603094
oecd_2008_~U |  -.1270561   .0183195    -6.94   0.000    -.1629674   -.0911448
no_EU_no_O~D |  -.0520568   .0241283    -2.16   0.031    -.0993549   -.0047586
ex_rate_ch~e |  -.3061297   .0657265    -4.66   0.000    -.4349717   -.1772878
growth_rat~X |   .0119917   .0040223     2.98   0.003     .0041068    .0198766
Intermediate |    .002614   .0130544     0.20   0.841    -.0229763    .0282042
Capital_go~s |  -.0068927   .0199244    -0.35   0.729      -.04595    .0321646
Consumer_dur |   -.039314   .0315774    -1.25   0.213    -.1012145    .0225864
      Energy |   .0896698   .0406093     2.21   0.027     .0100645    .1692751
       Other |  -.0020895   .0235671    -0.09   0.929    -.0482876    .0441085
frac_lib_d~g |  -.0484435   .0123278    -3.93   0.000    -.0726093   -.0242777
    i_r_size |  -.0272141   .0293874    -0.93   0.354    -.0848215    .0303932
    i_r_prod |  -.0218642   .0229947    -0.95   0.342    -.0669402    .0232117
i_r_interm~e |  -.0371999   .0222846    -1.67   0.095    -.0808839    .0064841
i_r_share_~s |  -.0103757     .03134    -0.33   0.741    -.0718107    .0510592
i_r_share_~m |    .051755   .0235454     2.20   0.028     .0055996    .0979103
i_r_value_~n |  -.0176665   .0342808    -0.52   0.606    -.0848663    .0495332
i_r_ext_fi~p |   .0256665   .0250201     1.03   0.305    -.0233799    .0747128
i_r_share~ve |  -.0185097   .0268004    -0.69   0.490    -.0710458    .0340265
i_r_share~ne |   .0413373   .0202202     2.04   0.041     .0017001    .0809744
i_r_share_~t |  -.0675156   .0231257    -2.92   0.004    -.1128484   -.0221828
i_r_share_~k |   .0092388   .0230124     0.40   0.688    -.0358719    .0543495
       i_for |  -.0442486   .0326805    -1.35   0.176    -.1083113    .0198142
       i_mne |  -.0064647   .0350387    -0.18   0.854    -.0751502    .0622208
 i_oecd_2008 |   .1973806   .0324688     6.08   0.000     .1337328    .2610284
i_no_EU_no~D |   .0275466   .0348154     0.79   0.429    -.0407013    .0957944
i_ex_rate_~e |  -.1648263   .0810293    -2.03   0.042     -.323666   -.0059867
i_growth_r~X |   .0125263   .0045903     2.73   0.006     .0035279    .0215246
i_Intermed~e |  -.0702297   .0198238    -3.54   0.000    -.1090898   -.0313695
i_Capital_~s |   -.104488   .0308674    -3.39   0.001    -.1649967   -.0439794
i_Consumer~r |  -.1166966   .0437951    -2.66   0.008     -.202547   -.0308461
    i_Energy |  -.1403084   .0699897    -2.00   0.045    -.2775075   -.0031094
     i_Other |  -.0654876   .0341157    -1.92   0.055    -.1323638    .0013886
i_frac_lib~g |   .0615005   .0181545     3.39   0.001     .0259127    .0970884
 nacenace2_2 |  -.0048261   .1396196    -0.03   0.972    -.2785188    .2688666
 nacenace2_5 |   .1037258   .0658518     1.58   0.115    -.0253618    .2328135
nacenace2_14 |   .0638276   .0648316     0.98   0.325    -.0632601    .1909153
nacenace2_15 |   .0475324   .0493054     0.96   0.335    -.0491197    .1441845
nacenace2_16 |   .1584946   .1881896     0.84   0.400    -.2104088    .5273979
nacenace2_17 |  -.1381404   .0494737    -2.79   0.005    -.2351225   -.0411583
nacenace2_18 |  -.0697303   .0626328    -1.11   0.266    -.1925078    .0530472
nacenace2_19 |  -.0798698   .0578045    -1.38   0.167    -.1931824    .0334428
nacenace2_20 |  -.1054422   .0589984    -1.79   0.074    -.2210953    .0102109
nacenace2_21 |    -.05583   .0603803    -0.92   0.355     -.174192    .0625321
nacenace2_22 |  -.0870883   .0619922    -1.40   0.160      -.20861    .0344334
nacenace2_23 |   .0415641   .0593492     0.70   0.484    -.0747765    .1579047
nacenace2_24 |  -.0517253   .0567209    -0.91   0.362    -.1629139    .0594634
nacenace2_25 |  -.0352828   .0486978    -0.72   0.469    -.1307439    .0601782
nacenace2_26 |  -.0140254   .0528894    -0.27   0.791    -.1177032    .0896524
nacenace2_27 |   .0308019    .055322     0.56   0.578    -.0776443    .1392482
nacenace2_28 |  -.0557151   .0485934    -1.15   0.252    -.1509714    .0395412
nacenace2_29 |   .0084446   .0564737     0.15   0.881    -.1022593    .1191486
nacenace2_30 |  -.2011152   .1010684    -1.99   0.047    -.3992371   -.0029934
nacenace2_31 |  -.1548244   .0806662    -1.92   0.055    -.3129523    .0033036
nacenace2_32 |  -.2520422   .1561788    -1.61   0.107    -.5581955    .0541111
nacenace2_33 |  -.0639813   .0711338    -0.90   0.368    -.2034231    .0754606
nacenace2_35 |   -.125643   .1119525    -1.12   0.262    -.3451006    .0938146
nacenace2_36 |  -.0594957   .0596264    -1.00   0.318    -.1763798    .0573884
nacenace2_37 |  -.0475153   .0700067    -0.68   0.497    -.1847477    .0897171
nacenace2_40 |   .5871428   .2937237     2.00   0.046     .0113637    1.162922
nacenace2_41 |   .9830186   .0977068    10.06   0.000     .7914865    1.174551
nacenace2_45 |   -.180301    .088853    -2.03   0.042    -.3544772   -.0061248
nacenace2_50 |  -.1149108   .0733115    -1.57   0.117    -.2586214    .0287998
nacenace2_51 |  -.0506183    .047595    -1.06   0.288    -.1439176     .042681
nacenace2_52 |  -.0153179   .0618604    -0.25   0.804    -.1365813    .1059455
nacenace2_55 |  -.0474867   .0771525    -0.62   0.538    -.1987267    .1037533
nacenace2_60 |   .1127884   .2088505     0.54   0.589     -.296616    .5221927
nacenace2_61 |  (dropped)
nacenace2_62 |   1.831187   .0670723    27.30   0.000     1.699707    1.962667
nacenace2_63 |  -.0040806   .0891322    -0.05   0.963    -.1788042     .170643
nacenace2_64 |  -.2084964   .1659963    -1.26   0.209    -.5338947    .1169019
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.4864806   .1800374    -2.70   0.007    -.8394034   -.1335579
nacenace2_71 |   .0271802   .1228216     0.22   0.825     -.213584    .2679443
nacenace2_72 |  -.0944254   .0947697    -1.00   0.319    -.2802001    .0913493
nacenace2_73 |   .1206248   .0839201     1.44   0.151    -.0438816    .2851313
nacenace2_74 |  -.2164661   .0671413    -3.22   0.001    -.3480814   -.0848508
nacenace2_80 |  (dropped)
nacenace2_85 |  -1.299589   .8343826    -1.56   0.119    -2.935208    .3360304
nacenace2_90 |   .0115245    .176201     0.07   0.948    -.3338779    .3569269
nacenace2_91 |   .4133397   .0513891     8.04   0.000      .312603    .5140764
nacenace2_92 |  -.0315411   .2031608    -0.16   0.877     -.429792    .3667099
nacenace2_93 |  -.2359257   .0513136    -4.60   0.000    -.3365144   -.1353369
nacenace2_99 |  (dropped)
 nacenace2_1 |   .1158345    .069241     1.67   0.094    -.0198969    .2515658
is_nis_na~_1 |   .1364596   .1282363     1.06   0.287    -.1149188     .387838
is_nis_na~_2 |   .0606746    .331788     0.18   0.855     -.589721    .7110702
is_nis_na~_5 |  -.0438071   .1470712    -0.30   0.766     -.332107    .2444929
is_nis_na~14 |   .0903941   .1259358     0.72   0.473    -.1564747    .3372629
is_nis_na~15 |   .2447023   .1039519     2.35   0.019     .0409281    .4484764
is_nis_na~16 |     .12995   .2411917     0.54   0.590    -.3428519    .6027519
is_nis_na~17 |   .1233949   .1055854     1.17   0.243    -.0835815    .3303713
is_nis_na~18 |   .2124064   .1210879     1.75   0.079    -.0249592     .449772
is_nis_na~19 |   .1200921   .1233251     0.97   0.330    -.1216589    .3618431
is_nis_na~20 |   .1538691   .1135582     1.35   0.175     -.068736    .3764743
is_nis_na~21 |   .1577048   .1087097     1.45   0.147     -.055396    .3708056
is_nis_na~22 |    .223896   .1189528     1.88   0.060    -.0092842    .4570762
is_nis_na~23 |   .0736036   .1428759     0.52   0.606    -.2064725    .3536796
is_nis_na~24 |   .2284367   .1085351     2.10   0.035     .0156781    .4411953
is_nis_na~25 |    .067045   .1066706     0.63   0.530    -.1420586    .2761486
is_nis_na~26 |   .0351724   .1153743     0.30   0.760    -.1909929    .2613377
is_nis_na~27 |  -.2430034   .1099892    -2.21   0.027    -.4586125   -.0273944
is_nis_na~28 |   .0929787   .1033468     0.90   0.368    -.1096095    .2955668
is_nis_na~29 |   .0494022   .1080275     0.46   0.647    -.1623615    .2611659
is_nis_na~30 |   .0795416    .155906     0.51   0.610    -.2260769    .3851601
is_nis_na~31 |   .2980836   .1388061     2.15   0.032     .0259856    .5701817
is_nis_na~32 |   .2047156   .2609313     0.78   0.433    -.3067815    .7162126
is_nis_na~33 |   .1234657   .1408579     0.88   0.381    -.1526544    .3995858
is_nis_na~35 |   .5507551   .1888355     2.92   0.004     .1805857    .9209246
is_nis_na~36 |   .1862835   .1126676     1.65   0.098    -.0345759    .4071429
is_nis_na~37 |   .0038695   .1272856     0.03   0.976    -.2456452    .2533842
is_nis_na~40 |  -.4291914   .3238462    -1.33   0.185    -1.064019     .205636
is_nis_na~41 |  (dropped)
is_nis_na~45 |   .1198045   .1485724     0.81   0.420    -.1714382    .4110472
is_nis_na~50 |   .3574052   .1225807     2.92   0.004     .1171133    .5976971
is_nis_na~51 |   .2129037   .1025624     2.08   0.038     .0118532    .4139543
is_nis_na~52 |   .2446546   .1286666     1.90   0.057    -.0075673    .4968766
is_nis_na~55 |   .3163793    .160381     1.97   0.049     .0019886      .63077
is_nis_na~60 |  -.0292519   .3370604    -0.09   0.931    -.6899827     .631479
is_nis_na~61 |  (dropped)
is_nis_na~62 |  -.7778116   .1186778    -6.55   0.000    -1.010453   -.5451705
is_nis_na~63 |   .2862339   .1722087     1.66   0.097    -.0513424    .6238101
is_nis_na~64 |   .4257677   .1233066     3.45   0.001     .1840528    .6674826
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .4204912   .2207805     1.90   0.057    -.0122991    .8532816
is_nis_na~71 |  -.0273689   .1757395    -0.16   0.876    -.3718665    .3171287
is_nis_na~72 |   .0869782     .17157     0.51   0.612    -.2493461    .4233025
is_nis_na~73 |   .4892769   .1226379     3.99   0.000     .2488729    .7296809
is_nis_na~74 |     .33346   .1189792     2.80   0.005     .1002281     .566692
is_nis_na~80 |  (dropped)
is_nis_na~85 |    2.52239   1.045144     2.41   0.016     .4736207    4.571159
is_nis_na~90 |  -.2410846   .2572232    -0.94   0.349    -.7453127    .2631436
is_nis_na~91 |  -.1653135   .1064119    -1.55   0.120    -.3739102    .0432831
is_nis_na~92 |  -.0297166   .3112712    -0.10   0.924    -.6398937    .5804605
is_nis_na~93 |   .8486012   .2156818     3.93   0.000     .4258056    1.271397
is_nis_na~99 |  (dropped)
       _cons |  -.0832043   .0674593    -1.23   0.217    -.2154432    .0490345
------------------------------------------------------------------------------

. outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluster
> .xls,ctitle(exports WLS vat clu)  `instruct' append
Results/table_DD_cluster.tex
Results/table_DD_cluster.xls
dir : seeout

. 
. ****3 level clustering with nace dummies****
. 
. *OLS
. xi: cgmreg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies', cluster(vat 
> iso2 HS4)

Note: +/- means the corresponding matrix is added/subtracted

Calculating cov part for variables:  vat (+)
Calculating cov part for variables:  vat iso2 (-)
Calculating cov part for variables:  vat iso2 HS4 (+)
Calculating cov part for variables:  vat HS4 (-)
Calculating cov part for variables:  iso2 (+)
Calculating cov part for variables:  iso2 HS4 (-)
Calculating cov part for variables:  HS4 (+)

                                                 Number of obs     =    400626
                                                 Num clusvars      =    3
                                                 Num combinations  =    7

                                                 G(vat)            =    27071
                                                 G(iso2)           =    231
                                                 G(HS4)            =    1224

------------------------------------------------------------------------------
       pippo |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |   -.279351   .1210241    -2.31   0.021    -.5165539   -.0421481
      r_size |   .0370679   .0182096     2.04   0.042     .0013777    .0727581
      r_prod |   .0108036   .0154753     0.70   0.485    -.0195274    .0411347
r_interm_s~e |   .0031968   .0155541     0.21   0.837    -.0272886    .0336822
r_share_ex~s |  -.0086952   .0232137    -0.37   0.708    -.0541932    .0368028
r_share_im~m |  -.0510577   .0207144    -2.46   0.014    -.0916571   -.0104582
r_value_ad~n |   .0308682   .0268126     1.15   0.250    -.0216835    .0834199
r_ext_fin_~p |  -.0350041    .021819    -1.60   0.109    -.0777685    .0077604
r_share_d~ve |  -.0167515   .0181436    -0.92   0.356    -.0523123    .0188093
r_share_d~ne |   .0103811   .0206034     0.50   0.614    -.0300009    .0507631
r_share_fi~t |   .0208974    .022117     0.94   0.345    -.0224511     .064246
r_share_st~k |   .0104465   .0209071     0.50   0.617    -.0305307    .0514236
         for |   .0181065   .0256488     0.71   0.480    -.0321641    .0683772
         mne |   .0114394   .0287238     0.40   0.690    -.0448582    .0677371
oecd_2008_~U |   -.156105   .0291952    -5.35   0.000    -.2133266   -.0988833
no_EU_no_O~D |  -.0742489   .0328241    -2.26   0.024    -.1385831   -.0099148
ex_rate_ch~e |  -.2884867   .0731702    -3.94   0.000    -.4318977   -.1450757
growth_rat~X |   .0137884   .0053327     2.59   0.010     .0033365    .0242402
Intermediate |   .0126164   .0206643     0.61   0.542    -.0278849    .0531178
Capital_go~s |  -.0054878   .0280927    -0.20   0.845    -.0605484    .0495728
Consumer_dur |  -.0170886   .0450972    -0.38   0.705    -.1054774    .0713002
      Energy |   .0944048   .0390555     2.42   0.016     .0178574    .1709522
       Other |   .0149858   .0311676     0.48   0.631    -.0461016    .0760733
frac_lib_d~g |  -.0347289   .0184386    -1.88   0.060    -.0708679    .0014101
    i_r_size |  -.0305433   .0295904    -1.03   0.302    -.0885393    .0274528
    i_r_prod |  -.0101127   .0267806    -0.38   0.706    -.0626017    .0423762
i_r_interm~e |  -.0193927   .0261707    -0.74   0.459    -.0706863    .0319009
i_r_share_~s |  -.0239075   .0540304    -0.44   0.658    -.1298051      .08199
i_r_share_~m |   .0611043   .0308681     1.98   0.048      .000604    .1216046
i_r_value_~n |  -.0148234    .049179    -0.30   0.763    -.1112125    .0815657
i_r_ext_fi~p |   .0201074   .0273739     0.73   0.463    -.0335446    .0737593
i_r_share~ve |  -.0177931   .0300942    -0.59   0.554    -.0767767    .0411905
i_r_share~ne |   .0455737   .0244059     1.87   0.062    -.0022611    .0934085
i_r_share_~t |  -.0668139   .0294607    -2.27   0.023    -.1245559    -.009072
i_r_share_~k |   .0234028   .0304205     0.77   0.442    -.0362203     .083026
       i_for |   -.044384   .0407991    -1.09   0.277    -.1243487    .0355807
       i_mne |  -.0255258   .0383438    -0.67   0.506    -.1006783    .0496268
 i_oecd_2008 |   .2789993   .0507897     5.49   0.000     .1794534    .3785452
i_no_EU_no~D |   .1013346   .0532578     1.90   0.057    -.0030488    .2057181
i_ex_rate_~e |  -.1769022   .0908375    -1.95   0.051    -.3549404     .001136
i_growth_r~X |    .011499   .0072518     1.59   0.113    -.0027143    .0257123
i_Intermed~e |  -.0485078   .0285025    -1.70   0.089    -.1043716     .007356
i_Capital_~s |  -.0746107   .0425082    -1.76   0.079    -.1579252    .0087038
i_Consumer~r |  -.1134982    .043669    -2.60   0.009    -.1990878   -.0279085
    i_Energy |  -.1323974   .0745555    -1.78   0.076    -.2785236    .0137287
     i_Other |  -.0578856   .0427039    -1.36   0.175    -.1415837    .0258124
i_frac_lib~g |    .051873   .0238354     2.18   0.030     .0051566    .0985895
 nacenace2_2 |  -.1186214    .207574    -0.57   0.568    -.5254589    .2882162
 nacenace2_5 |   .1273512   .1050378     1.21   0.225     -.078519    .3332215
nacenace2_14 |    .009468    .079055     0.12   0.905    -.1454769    .1644129
nacenace2_15 |   .0110359   .0453969     0.24   0.808    -.0779404    .1000122
nacenace2_16 |   .2378506   .2095403     1.14   0.256    -.1728407     .648542
nacenace2_17 |  -.1603311   .0474042    -3.38   0.001    -.2532416   -.0674205
nacenace2_18 |  -.0587414   .0640419    -0.92   0.359    -.1842612    .0667783
nacenace2_19 |  -.0818064   .1036772    -0.79   0.430      -.28501    .1213972
nacenace2_20 |  -.1182135    .060231    -1.96   0.050     -.236264    -.000163
nacenace2_21 |  -.0880996   .0607604    -1.45   0.147    -.2071879    .0309887
nacenace2_22 |  -.0879518   .0555683    -1.58   0.113    -.1968637      .02096
nacenace2_23 |   -.020848   .0527358    -0.40   0.693    -.1242082    .0825122
nacenace2_24 |  -.0779003   .0503905    -1.55   0.122    -.1766638    .0208631
nacenace2_25 |  -.0580663   .0479852    -1.21   0.226    -.1521156     .035983
nacenace2_26 |  -.0363407   .0566748    -0.64   0.521    -.1474211    .0747398
nacenace2_27 |   .0155863   .0517528     0.30   0.763    -.0858474      .11702
nacenace2_28 |  -.0514812   .0459768    -1.12   0.263    -.1415942    .0386317
nacenace2_29 |   .0359074   .0627354     0.57   0.567    -.0870517    .1588666
nacenace2_30 |   -.220045   .0824876    -2.67   0.008    -.3817177   -.0583722
nacenace2_31 |  -.1141449   .0862251    -1.32   0.186    -.2831431    .0548532
nacenace2_32 |  -.1792251   .1703328    -1.05   0.293    -.5130713     .154621
nacenace2_33 |  -.0632845   .0676107    -0.94   0.349    -.1957991      .06923
nacenace2_35 |  -.1060976   .0688808    -1.54   0.123    -.2411015    .0289063
nacenace2_36 |  -.0885785   .0583973    -1.52   0.129    -.2030351     .025878
nacenace2_37 |  -.0850936   .0688502    -1.24   0.216    -.2200375    .0498502
nacenace2_40 |   .7898046   .3051061     2.59   0.010     .1918076    1.387802
nacenace2_41 |   .8994441   .1131704     7.95   0.000     .6776342    1.121254
nacenace2_45 |  -.1651577   .1234139    -1.34   0.181    -.4070445    .0767291
nacenace2_50 |  -.1159372   .0720826    -1.61   0.108    -.2572166    .0253422
nacenace2_51 |  -.0395811   .0430493    -0.92   0.358    -.1239562    .0447941
nacenace2_52 |  -.0087496    .052389    -0.17   0.867    -.1114302    .0939309
nacenace2_55 |  -.0706974   .1237784    -0.57   0.568    -.3132987    .1719038
nacenace2_60 |   .0953965   .1631672     0.58   0.559    -.2244054    .4151984
nacenace2_61 |          0   5.06e-10     0.00   1.000    -9.92e-10    9.92e-10
nacenace2_62 |   1.746981   .0650735    26.85   0.000      1.61944    1.874523
nacenace2_63 |  -.0337996    .087378    -0.39   0.699    -.2050573    .1374581
nacenace2_64 |  -.2042567   .1690764    -1.21   0.227    -.5356404     .127127
nacenace2_65 |          0   6.80e-10     0.00   1.000    -1.33e-09    1.33e-09
nacenace2_66 |          0   3.87e-10     0.00   1.000    -7.58e-10    7.58e-10
nacenace2_67 |          0   3.98e-10     0.00   1.000    -7.80e-10    7.80e-10
nacenace2_70 |  -.4878965   .2073253    -2.35   0.019    -.8942466   -.0815464
nacenace2_71 |   -.006395   .1222874    -0.05   0.958     -.246074    .2332839
nacenace2_72 |  -.1022466    .111199    -0.92   0.358    -.3201926    .1156994
nacenace2_73 |   .0818131   .1115683     0.73   0.463    -.1368568     .300483
nacenace2_74 |  -.1944572   .0558284    -3.48   0.000    -.3038789   -.0850356
nacenace2_80 |          0   4.24e-10     0.00   1.000    -8.31e-10    8.31e-10
nacenace2_85 |  -1.274934   .6480819    -1.97   0.049    -2.545151   -.0047166
nacenace2_90 |  -.0547248   .1249601    -0.44   0.661    -.2996422    .1901925
nacenace2_91 |   .4981009   .1420271     3.51   0.000      .219733    .7764689
nacenace2_92 |  -.0137636   .2351948    -0.06   0.953     -.474737    .4472097
nacenace2_93 |   -.302314   .1918149    -1.58   0.115    -.6782642    .0736362
nacenace2_99 |          0   3.11e-10     0.00   1.000    -6.09e-10    6.09e-10
 nacenace2_1 |   .1288785   .0636845     2.02   0.043     .0040592    .2536978
is_nis_na~_1 |   .0668076   .1093862     0.61   0.541    -.1475853    .2812006
is_nis_na~_2 |   .2120806   .3804287     0.56   0.577    -.5335459    .9577071
is_nis_na~_5 |  -.0124247    .190705    -0.07   0.948    -.3861996    .3613502
is_nis_na~14 |   .0657405   .1525129     0.43   0.666    -.2331794    .3646603
is_nis_na~15 |   .2635567   .1045647     2.52   0.012     .0586136    .4684998
is_nis_na~16 |  -.0102612   .3031604    -0.03   0.973    -.6044446    .5839222
is_nis_na~17 |   .1284962   .1041576     1.23   0.217    -.0756489    .3326413
is_nis_na~18 |   .2291759   .1173489     1.95   0.051    -.0008237    .4591754
is_nis_na~19 |   .1082609   .1440778     0.75   0.452    -.1741264    .3906482
is_nis_na~20 |   .1728529   .0995524     1.74   0.083    -.0222662    .3679721
is_nis_na~21 |   .1679663    .113146     1.48   0.138    -.0537958    .3897285
is_nis_na~22 |   .2360764   .1342083     1.76   0.079     -.026967    .4991198
is_nis_na~23 |   .1076448   .1429936     0.75   0.452    -.1726176    .3879071
is_nis_na~24 |   .2406443   .1072194     2.24   0.025     .0304982    .4507904
is_nis_na~25 |   .0772116   .1040927     0.74   0.458    -.1268063    .2812295
is_nis_na~26 |    .022116   .1312361     0.17   0.866     -.235102     .279334
is_nis_na~27 |  -.2494473   .1097463    -2.27   0.023    -.4645461   -.0343485
is_nis_na~28 |   .1044928   .0980252     1.07   0.286     -.087633    .2966187
is_nis_na~29 |   .0625538   .1053896     0.59   0.553     -.144006    .2691136
is_nis_na~30 |   .0894853   .1439822     0.62   0.534    -.1927147    .3716853
is_nis_na~31 |   .2763442   .1551708     1.78   0.075     -.027785    .5804735
is_nis_na~32 |    .232972   .2827615     0.82   0.410    -.3212303    .7871743
is_nis_na~33 |    .118472   .1416871     0.84   0.403    -.1592297    .3961737
is_nis_na~35 |   .5542785   .1627436     3.41   0.001      .235307    .8732501
is_nis_na~36 |   .1946224   .1066676     1.82   0.068    -.0144422     .403687
is_nis_na~37 |      .0463   .1200561     0.39   0.700    -.1890057    .2816056
is_nis_na~40 |  -.6827855   .4075102    -1.68   0.094    -1.481491    .1159198
is_nis_na~41 |          0   7.00e-11     0.00   1.000    -1.37e-10    1.37e-10
is_nis_na~45 |   .1265583   .2143225     0.59   0.555    -.2935061    .5466226
is_nis_na~50 |   .3524805   .1241279     2.84   0.005     .1091944    .5957666
is_nis_na~51 |    .224011   .0983933     2.28   0.023     .0311636    .4168584
is_nis_na~52 |   .2708307   .1074559     2.52   0.012      .060221    .4814405
is_nis_na~55 |   .2971305   .1194196     2.49   0.013     .0630725    .5311885
is_nis_na~60 |   .0549647   .2794571     0.20   0.844    -.4927612    .6026906
is_nis_na~61 |          0   3.11e-12     0.00   1.000    -6.10e-12    6.10e-12
is_nis_na~62 |   -.596134   .1868947    -3.19   0.001    -.9624409   -.2298272
is_nis_na~63 |    .396675    .167676     2.37   0.018     .0680361     .725314
is_nis_na~64 |   .5382169   .1844986     2.92   0.004     .1766064    .8998274
is_nis_na~65 |          0   3.11e-12     0.00   1.000    -6.09e-12    6.09e-12
is_nis_na~66 |          0   1.80e-14     0.00   1.000    -3.53e-14    3.53e-14
is_nis_na~67 |          0   3.64e-18     0.00   1.000    -7.14e-18    7.14e-18
is_nis_na~70 |   .5722067   .2737579     2.09   0.037      .035651    1.108762
is_nis_na~71 |  -.0016511   .2059081    -0.01   0.994    -.4052236    .4019215
is_nis_na~72 |   .1599881   .2029321     0.79   0.430    -.2377516    .5577278
is_nis_na~73 |   .4444208   .1751613     2.54   0.011      .101111    .7877305
is_nis_na~74 |   .3629624   .1188336     3.05   0.002      .130053    .5958719
is_nis_na~80 |          0   4.62e-18     0.00   1.000    -9.06e-18    9.06e-18
is_nis_na~85 |   2.762951   .8606018     3.21   0.001     1.076202    4.449699
is_nis_na~90 |  -.2086456   .2644654    -0.79   0.430    -.7269883     .309697
is_nis_na~91 |  -.2788179   .2281193    -1.22   0.222    -.7259236    .1682878
is_nis_na~92 |  -.0273027   .2904598    -0.09   0.925    -.5965934     .541988
is_nis_na~93 |   .8484246   .2591338     3.27   0.001     .3405317    1.356317
is_nis_na~99 |  (dropped)
       _cons |   .0064009   .0662552     0.10   0.923     -.123457    .1362588
------------------------------------------------------------------------------

 -> NOTE: Raw estimated variance matrix was non-positive semi-definite.
          -cgmreg- is replacing any/all negative eigenvalues with 0.

          See Cameron, Gelbach & Miller, 
            'Robust Inference with Multi-Way Clustering'.

          Raw, non-psd covariance estimate will be available 
            in e(rawcovmat).

          (If you don't want this behavior, use the 'noeigenfix' option,
            in which case -cgmreg- will throw an error)



. outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluster
> .xls,ctitle(exports OLS ML clu)  `instruct' append
Results/table_DD_cluster.tex
Results/table_DD_cluster.xls
dir : seeout

. 
. *WLS. There is a problem with the cgmreg code with WLS
. *xi: cgmreg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' [pweight=(pe
> so)], cluster(vat iso2 HS4)
. *outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluste
> r.xls,ctitle(exports WLS ML clu)  `instruct' append
. 
. 
. 
. **********************
. *Counterfactuals
. **********************
. 
. ***i_r_share_imp_interm***
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_r_share_imp_interm_true=i_r_share_imp_interm
(542645 missing values generated)

. replace i_r_share_imp_interm=0
(781270 real changes made)

. predict xb_counter,xb
(671477 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.6096045       -.945377
 5%    -.4612064      -.9251072
10%    -.3989179      -.9220094       Obs              204598
25%    -.2978472        -.91991       Sum of Wgt.      204598

50%    -.2120646                      Mean          -.2202947
                        Largest       Std. Dev.      .1408812
75%    -.1388867       1.134218
90%    -.0569729       1.302111       Variance       .0198475
95%     .0010894        1.31397       Skewness      -.1480568
99%     .1265176       1.346318       Kurtosis       4.804967

. display(1-(-.2202947/-.1795196))
-.22713453

. *-22.713453% of the fall
. 
. replace i_r_share_imp_interm=i_r_share_imp_interm_true
(781270 real changes made, 542645 to missing)

. drop i_r_share_imp_interm_true xb_true xb_counter 

. 
. 
. ***  i_r_share_debts_due_after_one i_r_share_fin_debt***
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_r_share_debts_due_after_one_t=i_r_share_debts_due_after_one
(551912 missing values generated)

. replace i_r_share_debts_due_after_one=1
(1076233 real changes made)

. gen i_r_share_fin_debt_t=i_r_share_fin_debt
(552450 missing values generated)

. replace i_r_share_fin_debt=0
(752818 real changes made)

. 
. predict xb_counter,xb
(671477 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5165055      -.8764357
 5%    -.3527117      -.8174588
10%    -.2933464      -.8019012       Obs              204598
25%    -.1925665       -.801174       Sum of Wgt.      204598

50%     -.111606                      Mean          -.1201698
                        Largest       Std. Dev.      .1364195
75%    -.0424073        1.21089
90%     .0353777       1.368925       Variance       .0186103
95%     .0925131       1.380784       Skewness      -.1995218
99%      .216069       1.413132       Kurtosis        5.04553

. display(1-(-.1201698/-.1795196))
.33060345

. *33.060345 of the fall
. 
. replace i_r_share_debts_due_after_one=i_r_share_debts_due_after_one_t
(1076233 real changes made, 551912 to missing)

. replace i_r_share_fin_debt=i_r_share_fin_debt_t
(752818 real changes made, 552450 to missing)

. drop i_r_share_fin_debt_t i_r_share_debts_due_after_one_t xb_true xb_counter 

. 
. 
. 
. ***   i_oecd_2008 i_no_EU_no_OECD ***
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_oecd_2008_t=i_oecd_2008
(430000 missing values generated)

. replace i_oecd_2008=0
(478175 real changes made)

. gen i_no_EU_no_OECD_t=i_no_EU_no_OECD
(430000 missing values generated)

. replace i_no_EU_no_OECD=0
(527776 real changes made)

. 
. predict xb_counter,xb
(671477 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.6230619       -1.02658
 5%    -.4584568      -1.023344
10%     -.394152      -.9839829       Obs              204598
25%    -.2927136      -.9599398       Sum of Wgt.      204598

50%    -.1961188                      Mean          -.2169731
                        Largest       Std. Dev.      .1348181
75%    -.1293024       1.146377
90%    -.0707634       1.148172       Variance       .0181759
95%    -.0344012       1.163521       Skewness      -.6211144
99%     .0626384       1.165316       Kurtosis       4.935656

. display(1-(-.2169731/-.1795196))
-.20863182

. *-20.863182 of the fall
. 
. replace i_oecd_2008=i_oecd_2008_t
(478175 real changes made, 430000 to missing)

. replace i_no_EU_no_OECD=i_no_EU_no_OECD_t
(527776 real changes made, 430000 to missing)

. drop i_no_EU_no_OECD_t i_oecd_2008_t xb_true xb_counter 

. 
. 
. ***i_ex_rate_change   ex_rate_change***
. 
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_ex_rate_change_t=i_ex_rate_change
(431283 missing values generated)

. replace i_ex_rate_change=0
(649853 real changes made)

. gen ex_rate_change_t=ex_rate_change
(431283 missing values generated)

. replace ex_rate_change=0
(836159 real changes made)

. 
. predict xb_counter,xb
(671218 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5490706      -.8748481
 5%    -.3909908      -.8585633
10%     -.334416      -.8545783       Obs              204623
25%     -.234135       -.849381       Sum of Wgt.      204623

50%    -.1597247                      Mean          -.1688927
                        Largest       Std. Dev.      .1277415
75%    -.0934928       1.230815
90%     -.021742       1.233822       Variance       .0163179
95%     .0258483       1.242674       Skewness      -.3645298
99%     .1220087       1.275023       Kurtosis       5.200743

. display(1-(-.1688927/-.1795196))
.05919632

. *5.919632 of the fall
. 
. replace i_ex_rate_change=i_ex_rate_change_t
(649853 real changes made, 431283 to missing)

. replace ex_rate_change=ex_rate_change_t
(836159 real changes made, 431283 to missing)

. drop i_ex_rate_change_t ex_rate_change_t xb_true xb_counter 

. 
. 
. *** i_growth_rate_X    growth_rate_X***
. 
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_growth_rate_X_t=i_growth_rate_X
(441415 missing values generated)

. gen growth_rate_X_t=growth_rate_X
(441415 missing values generated)

. 
. egen temp1=min( growth_rate_X)  if year==2007, by( iso2)
(868262 missing values generated)

. egen temp2=min( temp1)  if year!=2009, by( iso2)
(441415 missing values generated)

. 
. replace growth_rate_X=temp2 if year==2008
(426847 real changes made)

. replace i_growth_rate_X=temp2 if year==2008
(426847 real changes made)

. *replace i_growth_rate_X=0 if year==2008
. *with this the change is small
. 
. 
. predict xb_counter,xb
(671477 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4458637      -.7003253
 5%    -.3070579      -.6972209
10%       -.2479      -.6969944       Obs              204598
25%    -.1525045       -.695417       Sum of Wgt.      204598

50%    -.0734652                      Mean          -.0823059
                        Largest       Std. Dev.      .1303058
75%     -.005529       1.332028
90%     .0650153       1.363698       Variance       .0169796
95%     .1155827       1.375557       Skewness       -.228582
99%     .2304514       1.407905       Kurtosis       5.234733

. display(1-(-.0823059/-.1795196))
.54152137

. *54.152137 of the fall
. 
. replace i_growth_rate_X=i_growth_rate_X_t
(426847 real changes made)

. replace growth_rate_X=growth_rate_X_t
(426847 real changes made)

. drop i_growth_rate_X_t growth_rate_X_t xb_true xb_counter temp1 temp2

. 
. 
. *** i_Intermediate i_Capital_goods i_Consumer_dur i_Energy ***
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_Intermediate_t=i_Intermediate
(430000 missing values generated)

. replace i_Intermediate=0
(627369 real changes made)

. gen i_Capital_goods_t=i_Capital_goods
(430000 missing values generated)

. replace i_Capital_goods=0
(514053 real changes made)

. gen i_Consumer_dur_t=i_Consumer_dur
(430000 missing values generated)

. replace i_Consumer_dur=0
(445193 real changes made)

. gen i_Energy_t=i_Energy
(430000 missing values generated)

. replace i_Energy=0
(432917 real changes made)

. 
. predict xb_counter,xb
(671477 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5225915      -.8679879
 5%    -.3678652      -.8640029
10%    -.3095849      -.8473987       Obs              204598
25%     -.210024      -.8371793       Sum of Wgt.      204598

50%    -.1323693                      Mean           -.140267
                        Largest       Std. Dev.      .1339303
75%    -.0666448       1.208828
90%      .012476       1.362478       Variance       .0179373
95%     .0738012       1.376722       Skewness      -.1601116
99%     .1956451       1.394826       Kurtosis       5.194757

. display(1-(-.140267/-.1795196))
.21865356

. *21.865356 of the fall
. 
. replace i_Intermediate=i_Intermediate_t
(627369 real changes made, 430000 to missing)

. replace i_Capital_goods=i_Capital_goods_t
(514053 real changes made, 430000 to missing)

. replace i_Consumer_dur=i_Consumer_dur_t
(445193 real changes made, 430000 to missing)

. replace i_Energy=i_Energy_t
(432917 real changes made, 430000 to missing)

. 
. drop i_Intermediate_t i_Capital_goods_t i_Consumer_dur_t i_Energy_t xb_true xb_counter 

. 
. *** i_frac_lib_diff_orig ***
. predict xb_true,xb
(671477 missing values generated)

. 
. gen i_frac_lib_diff_orig_t=i_frac_lib_diff_orig
(490305 missing values generated)

. replace i_frac_lib_diff_orig=0
(800066 real changes made)

. 
. predict xb_counter,xb
(671477 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5709844      -.9220094
 5%    -.4148466      -.8842727
10%    -.3549897      -.8826483       Obs              204598
25%    -.2537161      -.8679879       Sum of Wgt.      204598

50%    -.1711008                      Mean          -.1795196
                        Largest       Std. Dev.      .1380515
75%    -.1009959       1.165316
90%    -.0212625       1.302111       Variance       .0190582
95%     .0377663        1.31397       Skewness      -.1816198
99%     .1612236       1.346318       Kurtosis        4.92805

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.6023046      -.9738824
 5%    -.4563744      -.9345213
10%    -.3971137      -.9198609       Obs              204598
25%    -.2946002      -.9158759       Sum of Wgt.      204598

50%    -.2080195                      Mean          -.2180647
                        Largest       Std. Dev.      .1391505
75%    -.1388827       1.148172
90%    -.0564007       1.250238       Variance       .0193629
95%      .000093       1.262097       Skewness      -.1623464
99%      .125119       1.294445       Kurtosis       4.751874

. display(1-(-.2180647/-.1795196))
-.21471249

. *-21.471249 of the fall
. 
. replace i_frac_lib_diff_orig=i_frac_lib_diff_orig_t
(800066 real changes made, 490305 to missing)

. 
. drop i_frac_lib_diff_orig_t xb_true xb_counter 

. 
. 
. ***Distribution***
. 
. xi: cgmreg  pippo crisis `firm_var' `country_var' `prod_var' `inter' if pippi==1 & (nace2==5
> 0 | nace2==51 | nace2==52), cluster(vat iso2 HS4)

Note: +/- means the corresponding matrix is added/subtracted

Calculating cov part for variables:  vat (+)
Calculating cov part for variables:  vat iso2 (-)
Calculating cov part for variables:  vat iso2 HS4 (+)
Calculating cov part for variables:  vat HS4 (-)
Calculating cov part for variables:  iso2 (+)
Calculating cov part for variables:  iso2 HS4 (-)
Calculating cov part for variables:  HS4 (+)

                                                 Number of obs     =    224694
                                                 Num clusvars      =    3
                                                 Num combinations  =    7
                                                 If condition      =    if pippi==1 & (nace2==
> 50 | nace2==51 | nace2==52)

                                                 G(vat)            =    5682
                                                 G(iso2)           =    171
                                                 G(HS4)            =    1085

------------------------------------------------------------------------------
       pippo |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.0756129   .0984485    -0.77   0.442    -.2685685    .1173427
      r_size |   .0322708   .0276686     1.17   0.243    -.0219587    .0865004
      r_prod |   .0003677   .0200075     0.02   0.985    -.0388463    .0395817
r_interm_s~e |  -.0114285   .0223573    -0.51   0.609    -.0552479     .032391
r_share_ex~s |  -.0181076   .0351388    -0.52   0.606    -.0869783    .0507631
r_share_im~m |  -.0746211   .0265744    -2.81   0.005    -.1267061   -.0225362
r_value_ad~n |   .0662351   .0408215     1.62   0.105    -.0137735    .1462437
r_ext_fin_~p |  -.0448061   .0347124    -1.29   0.197    -.1128411     .023229
r_share_d~ve |  -.0224763    .026129    -0.86   0.390    -.0736882    .0287356
r_share_d~ne |   .0265243   .0282155     0.94   0.347     -.028777    .0818256
r_share_fi~t |   .0234829   .0302011     0.78   0.437    -.0357102     .082676
r_share_st~k |  -.0026595    .032792    -0.08   0.935    -.0669307    .0616117
         for |  -.0049547   .0387045    -0.13   0.898    -.0808142    .0709047
         mne |   .0316929   .0483346     0.66   0.512    -.0630412    .1264271
oecd_2008_~U |  -.1376997   .0437439    -3.15   0.002    -.2234361   -.0519633
no_EU_no_O~D |  -.0122969    .049353    -0.25   0.803     -.109027    .0844331
ex_rate_ch~e |  -.3491047    .058706    -5.95   0.000    -.4641664    -.234043
growth_rat~X |   .0142259   .0077638     1.83   0.067     -.000991    .0294427
Intermediate |   .0128515   .0250746     0.51   0.608    -.0362939    .0619969
Capital_go~s |   -.020822   .0279941    -0.74   0.457    -.0756894    .0340455
Consumer_dur |   .0000573   .0329306     0.00   0.999    -.0644855    .0646001
      Energy |   .1819202   .0366612     4.96   0.000     .1100656    .2537749
       Other |   .0145683    .030065     0.48   0.628     -.044358    .0734946
frac_lib_d~g |  -.0520946   .0232175    -2.24   0.025       -.0976   -.0065892
    i_r_size |  -.0315802   .0464325    -0.68   0.496    -.1225861    .0594258
    i_r_prod |  -.0137011   .0355412    -0.39   0.700    -.0833605    .0559584
i_r_interm~e |  -.0194603   .0334762    -0.58   0.561    -.0850724    .0461518
i_r_share_~s |  -.0451902   .0854964    -0.53   0.597    -.2127601    .1223797
i_r_share_~m |   .0773368   .0417106     1.85   0.064    -.0044145    .1590882
i_r_value_~n |   .0201015   .0853841     0.24   0.814    -.1472483    .1874513
i_r_ext_fi~p |   .0225892    .040392     0.56   0.576    -.0565777     .101756
i_r_share~ve |   -.015563   .0434519    -0.36   0.720    -.1007272    .0696013
i_r_share~ne |   .0557336     .03054     1.82   0.068    -.0041237    .1155909
i_r_share_~t |  -.0734434   .0386715    -1.90   0.058    -.1492382    .0023513
i_r_share_~k |   .0314711    .045453     0.69   0.489    -.0576151    .1205573
       i_for |   .0107774    .063063     0.17   0.864    -.1128239    .1343786
       i_mne |  -.0651202   .0642243    -1.01   0.311    -.1909976    .0607572
 i_oecd_2008 |   .3155356   .0716842     4.40   0.000     .1750372    .4560341
i_no_EU_no~D |   .0702631   .0810677     0.87   0.386    -.0886268    .2291529
i_ex_rate_~e |  -.2056244   .0888802    -2.31   0.021    -.3798263   -.0314224
i_growth_r~X |    .012493   .0096356     1.30   0.195    -.0063925    .0313785
i_Intermed~e |  -.0565674   .0338451    -1.67   0.095    -.1229025    .0097677
i_Capital_~s |  -.0552942    .042494    -1.30   0.193    -.1385809    .0279925
i_Consumer~r |  -.1457748   .0453256    -3.22   0.001    -.2346113   -.0569383
    i_Energy |  -.2343233   .0723205    -3.24   0.001     -.376069   -.0925777
     i_Other |  -.0451159   .0420701    -1.07   0.284    -.1275716    .0373399
i_frac_lib~g |   .0671626   .0326196     2.06   0.039     .0032293    .1310959
       _cons |  -.0187809   .0699121    -0.27   0.788    -.1558061    .1182444
------------------------------------------------------------------------------

 -> NOTE: Raw estimated variance matrix was non-positive semi-definite.
          -cgmreg- is replacing any/all negative eigenvalues with 0.

          See Cameron, Gelbach & Miller, 
            'Robust Inference with Multi-Way Clustering'.

          Raw, non-psd covariance estimate will be available 
            in e(rawcovmat).

          (If you don't want this behavior, use the 'noeigenfix' option,
            in which case -cgmreg- will throw an error)



. *no result for share of stock
. 
. 
. ****focus on each product category and look at differences between GDP growth coefficients w
> ith nace dummies
. 
. 
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' if  Consumer_n_d
> ur==1, cluster(vat)

Linear regression                                      Number of obs =  102266
                                                       F(113,  3187) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0088
                                                       Root MSE      =   1.343

                                 (Std. Err. adjusted for 3188 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.4831085    .431224    -1.12   0.263    -1.328613    .3623961
      r_size |   .0566499   .0310945     1.82   0.069    -.0043173    .1176172
      r_prod |    .029217   .0259887     1.12   0.261    -.0217393    .0801733
r_interm_s~e |   .0328037   .0255544     1.28   0.199    -.0173011    .0829085
r_share_ex~s |   .0009011   .0310134     0.03   0.977    -.0599071    .0617094
r_share_im~m |  -.0543416   .0271103    -2.00   0.045    -.1074969   -.0011863
r_value_ad~n |   .0361408   .0324885     1.11   0.266    -.0275596    .0998412
r_ext_fin_~p |  -.0108554    .024884    -0.44   0.663    -.0596456    .0379347
r_share_d~ve |  -.0246034   .0255394    -0.96   0.335    -.0746787    .0254718
r_share_d~ne |  -.0079894   .0249748    -0.32   0.749    -.0569576    .0409789
r_share_fi~t |    .049717   .0254229     1.96   0.051    -.0001298    .0995638
r_share_st~k |  -.0243185   .0228641    -1.06   0.288    -.0691484    .0205114
         for |  -.0397909   .0338751    -1.17   0.240    -.1062101    .0266282
         mne |   .0118771   .0341763     0.35   0.728    -.0551327    .0788869
oecd_2008_~U |  -.1555366   .0279221    -5.57   0.000    -.2102836   -.1007895
no_EU_no_O~D |  -.1418184   .0331399    -4.28   0.000    -.2067962   -.0768407
ex_rate_ch~e |  -.3501151   .1253593    -2.79   0.005    -.5959083    -.104322
growth_rat~X |    .021281   .0051277     4.15   0.000     .0112271    .0313348
Intermediate |  (dropped)
Capital_go~s |  (dropped)
Consumer_dur |  (dropped)
      Energy |  (dropped)
       Other |  (dropped)
frac_lib_d~g |  -.0502145   .0233008    -2.16   0.031    -.0959006   -.0045284
    i_r_size |  -.0796425   .0549211    -1.45   0.147    -.1873267    .0280418
    i_r_prod |  -.0260131   .0395236    -0.66   0.510    -.1035075    .0514812
i_r_interm~e |  -.0225981   .0362656    -0.62   0.533    -.0937042    .0485081
i_r_share_~s |   -.021167   .0502195    -0.42   0.673    -.1196328    .0772988
i_r_share_~m |   .0838584   .0427102     1.96   0.050     .0001161    .1676007
i_r_value_~n |  -.0643675    .054327    -1.18   0.236    -.1708869    .0421519
i_r_ext_fi~p |  -.0013459    .036062    -0.04   0.970     -.072053    .0693612
i_r_share~ve |  -.0064814    .041535    -0.16   0.876    -.0879194    .0749567
i_r_share~ne |   .0934702   .0347195     2.69   0.007     .0253955     .161545
i_r_share_~t |   -.082645   .0378744    -2.18   0.029    -.1569058   -.0083843
i_r_share_~k |   .0397009   .0367796     1.08   0.280    -.0324131    .1118149
       i_for |   .0471109   .0465212     1.01   0.311    -.0441035    .1383253
       i_mne |  -.0581424   .0523612    -1.11   0.267    -.1608075    .0445227
 i_oecd_2008 |   .2495656   .0550256     4.54   0.000     .1416765    .3574547
i_no_EU_no~D |   .1661099   .0505308     3.29   0.001     .0670338     .265186
i_ex_rate_~e |  -.0812274   .1556812    -0.52   0.602    -.3864729     .224018
i_growth_r~X |    .002151   .0065249     0.33   0.742    -.0106424    .0149443
i_Intermed~e |  (dropped)
i_Capital_~s |  (dropped)
i_Consumer~r |  (dropped)
    i_Energy |  (dropped)
     i_Other |  (dropped)
i_frac_lib~g |   .0099676   .0360208     0.28   0.782    -.0606586    .0805939
 nacenace2_2 |    .924932   .2256662     4.10   0.000     .4824664    1.367398
 nacenace2_5 |  -.0292228   .3247332    -0.09   0.928    -.6659299    .6074843
nacenace2_14 |   2.193743   .2413295     9.09   0.000     1.720566     2.66692
nacenace2_15 |  -.1029546   .2389033    -0.43   0.667    -.5713743    .3654651
nacenace2_16 |   .1350575    .309476     0.44   0.663    -.4717348    .7418499
nacenace2_17 |  -.2588198   .2403962    -1.08   0.282    -.7301668    .2125271
nacenace2_18 |  -.1973703   .2458387    -0.80   0.422    -.6793884    .2846478
nacenace2_19 |  -.2321773   .2589102    -0.90   0.370    -.7398248    .2754702
nacenace2_20 |  -.3914873   .2682993    -1.46   0.145     -.917544    .1345694
nacenace2_21 |  -.2400852   .2610186    -0.92   0.358    -.7518667    .2716962
nacenace2_22 |  -.2245846   .2464299    -0.91   0.362    -.7077618    .2585927
nacenace2_23 |   -.192975   .2619844    -0.74   0.461    -.7066502    .3207001
nacenace2_24 |  -.1176926   .2423902    -0.49   0.627    -.5929491     .357564
nacenace2_25 |  -.0840462   .2429076    -0.35   0.729    -.5603172    .3922249
nacenace2_26 |  -.2609047   .3252765    -0.80   0.423    -.8986772    .3768678
nacenace2_27 |  -.1498557   .3457779    -0.43   0.665    -.8278253     .528114
nacenace2_28 |  -.2013449   .2936953    -0.69   0.493    -.7771958     .374506
nacenace2_29 |   .1128901   .3058785     0.37   0.712    -.4868485    .7126288
nacenace2_30 |  -.1682442   .2499198    -0.67   0.501    -.6582641    .3217758
nacenace2_31 |   .1364803   .6308491     0.22   0.829    -1.100431    1.373392
nacenace2_32 |   .8230854   .4820976     1.71   0.088    -.1221675    1.768338
nacenace2_33 |  -.2484164    .329896    -0.75   0.451    -.8952464    .3984136
nacenace2_35 |    -.02544   .2948784    -0.09   0.931    -.6036107    .5527307
nacenace2_36 |  -.2171668   .2465682    -0.88   0.379    -.7006151    .2662816
nacenace2_37 |  -.0349678   .2544996    -0.14   0.891    -.5339673    .4640317
nacenace2_40 |  (dropped)
nacenace2_41 |   1.080611   .2319657     4.66   0.000     .6257943    1.535429
nacenace2_45 |  -.5130604   .3025081    -1.70   0.090    -1.106191    .0800697
nacenace2_50 |  -.2236369   .2512376    -0.89   0.373    -.7162406    .2689667
nacenace2_51 |  -.1649282   .2399232    -0.69   0.492    -.6353477    .3054914
nacenace2_52 |   -.118738   .2438203    -0.49   0.626    -.5967985    .3593225
nacenace2_55 |  -.1378758   .2477229    -0.56   0.578    -.6235883    .3478366
nacenace2_60 |   .2748937     .44261     0.62   0.535    -.5929356    1.142723
nacenace2_61 |  (dropped)
nacenace2_62 |  (dropped)
nacenace2_63 |  -.0851659   .3201393    -0.27   0.790    -.7128657     .542534
nacenace2_64 |   -.441479   .2445569    -1.81   0.071    -.9209839    .0380259
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -1.065284   .2996291    -3.56   0.000    -1.652769   -.4777984
nacenace2_71 |  -.1009942   .2898726    -0.35   0.728    -.6693499    .4673614
nacenace2_72 |   .0604558   .2811554     0.22   0.830    -.4908081    .6117197
nacenace2_73 |  -.5577005   .5815375    -0.96   0.338    -1.697926     .582525
nacenace2_74 |  -.2833931   .2567723    -1.10   0.270    -.7868488    .2200626
nacenace2_80 |  (dropped)
nacenace2_85 |  -.8527404   .2429121    -3.51   0.000     -1.32902   -.3764606
nacenace2_90 |   .1967323     .25293     0.78   0.437    -.2991898    .6926544
nacenace2_91 |   .9490509   .2393386     3.97   0.000     .4797776    1.418324
nacenace2_92 |    .221358   .4438339     0.50   0.618     -.648871    1.091587
nacenace2_93 |  -.4785531   .2420266    -1.98   0.048    -.9530967   -.0040095
nacenace2_99 |  (dropped)
 nacenace2_1 |  -.0721176   .3240163    -0.22   0.824    -.7074191    .5631838
is_nis_na~_1 |    .368547   .5008498     0.74   0.462    -.6134736    1.350568
is_nis_na~_2 |  (dropped)
is_nis_na~_5 |   .0247255   .5453291     0.05   0.964    -1.044506    1.093957
is_nis_na~14 |  -2.332516   .4244897    -5.49   0.000    -3.164816   -1.500215
is_nis_na~15 |   .5073929   .4219791     1.20   0.229     -.319985    1.334771
is_nis_na~16 |   .3795971   .5479884     0.69   0.489    -.6948484    1.454043
is_nis_na~17 |   .4381981   .4254713     1.03   0.303    -.3960271    1.272423
is_nis_na~18 |   .5468354   .4280814     1.28   0.202    -.2925074    1.386178
is_nis_na~19 |    .560046   .4294323     1.30   0.192    -.2819457    1.402038
is_nis_na~20 |   .5883592   .4766989     1.23   0.217    -.3463084    1.523027
is_nis_na~21 |   .7046281   .4461546     1.58   0.114    -.1701511    1.579407
is_nis_na~22 |   .5412358   .4326378     1.25   0.211    -.3070407    1.389512
is_nis_na~23 |   .7726322    .596307     1.30   0.195     -.396552    1.941816
is_nis_na~24 |    .524704   .4285443     1.22   0.221    -.3155465    1.364955
is_nis_na~25 |   .3912851   .4304362     0.91   0.363    -.4526749    1.235245
is_nis_na~26 |   .4861772   .5055002     0.96   0.336    -.5049613    1.477316
is_nis_na~27 |   .2751977   .6311795     0.44   0.663    -.9623612    1.512757
is_nis_na~28 |   .5482087   .4617176     1.19   0.235     -.357085    1.453502
is_nis_na~29 |   .1821906   .5208794     0.35   0.727    -.8391022    1.203483
is_nis_na~30 |   .1896804   .4333789     0.44   0.662    -.6600494     1.03941
is_nis_na~31 |  -.0995029    .755999    -0.13   0.895    -1.581797    1.382791
is_nis_na~32 |  -.6548334   .7484331    -0.87   0.382    -2.122293    .8126259
is_nis_na~33 |   .5792002   .5074576     1.14   0.254    -.4157762    1.574177
is_nis_na~35 |   .6165826   .5301582     1.16   0.245    -.4229031    1.656068
is_nis_na~36 |   .4029553   .4348313     0.93   0.354    -.4496221    1.255533
is_nis_na~37 |   .3449102    .438657     0.79   0.432    -.5151683    1.204989
is_nis_na~40 |  (dropped)
is_nis_na~41 |  (dropped)
is_nis_na~45 |   .7708427   .4747049     1.62   0.105    -.1599154    1.701601
is_nis_na~50 |   .5346227   .4465741     1.20   0.231     -.340979    1.410224
is_nis_na~51 |   .5387189   .4227566     1.27   0.203    -.2901837    1.367621
is_nis_na~52 |    .581342   .4314038     1.35   0.178    -.2645152    1.427199
is_nis_na~55 |   .5471426   .4517322     1.21   0.226    -.3385727    1.432858
is_nis_na~60 |  -.0778384   .6840033    -0.11   0.909     -1.41897    1.263293
is_nis_na~61 |  (dropped)
is_nis_na~62 |  (dropped)
is_nis_na~63 |   .3111376   .4700932     0.66   0.508    -.6105783    1.232853
is_nis_na~64 |   1.139718   .5223757     2.18   0.029     .1154915    2.163945
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   1.091753   .4706942     2.32   0.020     .1688584    2.014647
is_nis_na~71 |   .8928849    .669876     1.33   0.183    -.4205468    2.206317
is_nis_na~72 |   .0739625   .5810306     0.13   0.899    -1.065269    1.213194
is_nis_na~73 |   1.501382   1.172719     1.28   0.201    -.7979792    3.800743
is_nis_na~74 |   .7113508   .4422616     1.61   0.108    -.1557952    1.578497
is_nis_na~80 |  (dropped)
is_nis_na~85 |   2.493864   .4278714     5.83   0.000     1.654933    3.332795
is_nis_na~90 |   .5007186   .4610417     1.09   0.278    -.4032499    1.404687
is_nis_na~91 |  -1.782364   .4220797    -4.22   0.000     -2.60994   -.9547891
is_nis_na~92 |  -.0102426   .5596733    -0.02   0.985    -1.107599    1.087114
is_nis_na~93 |   .9963295   .4263546     2.34   0.020     .1603723    1.832287
is_nis_na~99 |  (dropped)
       _cons |   .0788099   .2468975     0.32   0.750    -.4052843     .562904
------------------------------------------------------------------------------

. *growth_rat~X |    .021281   .0051277     4.15   0.000     .0112271    .0313348
. *i_growth_r~X |    .002151   .0065249     0.33   0.742    -.0106424    .0149443
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' if  Intermediate
> ==1, cluster(vat)

Linear regression                                      Number of obs =  195308
                                                       F(120,  4589) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0128
                                                       Root MSE      =  1.3847

                                 (Std. Err. adjusted for 4590 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  (dropped)
      r_size |   .0297847   .0250222     1.19   0.234    -.0192708    .0788402
      r_prod |   .0153807   .0206688     0.74   0.457    -.0251402    .0559016
r_interm_s~e |  -.0067674   .0183438    -0.37   0.712      -.04273    .0291953
r_share_ex~s |  -.0067363   .0268352    -0.25   0.802    -.0593461    .0458736
r_share_im~m |  -.0425903   .0216729    -1.97   0.049    -.0850796    -.000101
r_value_ad~n |   .0133103   .0334233     0.40   0.690    -.0522155     .078836
r_ext_fin_~p |    -.03247   .0238465    -1.36   0.173    -.0792205    .0142806
r_share_d~ve |  -.0096814   .0203612    -0.48   0.634    -.0495991    .0302363
r_share_d~ne |   .0011498    .021945     0.05   0.958     -.041873    .0441725
r_share_fi~t |   .0227818    .025434     0.90   0.370    -.0270811    .0726447
r_share_st~k |   .0149124   .0193067     0.77   0.440     -.022938    .0527628
         for |   .0208404   .0261424     0.80   0.425    -.0304114    .0720921
         mne |    .016621        .03     0.55   0.580    -.0421935    .0754355
oecd_2008_~U |  -.1221569   .0253869    -4.81   0.000    -.1719275   -.0723863
no_EU_no_O~D |  -.0636695   .0313423    -2.03   0.042    -.1251154   -.0022235
ex_rate_ch~e |  -.2089391   .0900253    -2.32   0.020    -.3854321   -.0324462
growth_rat~X |   .0098512   .0046794     2.11   0.035     .0006773    .0190252
Intermediate |  (dropped)
Capital_go~s |  (dropped)
Consumer_dur |  (dropped)
      Energy |  (dropped)
       Other |  (dropped)
frac_lib_d~g |  -.0152982   .0149677    -1.02   0.307    -.0446422    .0140458
    i_r_size |  -.0165976   .0398569    -0.42   0.677    -.0947364    .0615412
    i_r_prod |  -.0169072   .0293242    -0.58   0.564    -.0743968    .0405824
i_r_interm~e |  -.0163417    .027986    -0.58   0.559    -.0712077    .0385242
i_r_share_~s |  -.0203445    .042885    -0.47   0.635    -.1044198    .0637307
i_r_share_~m |   .0371066   .0321001     1.16   0.248     -.025825    .1000382
i_r_value_~n |  -.0195662   .0492139    -0.40   0.691     -.116049    .0769167
i_r_ext_fi~p |   .0217002   .0311551     0.70   0.486    -.0393788    .0827793
i_r_share~ve |   -.039935    .029864    -1.34   0.181    -.0984828    .0186128
i_r_share~ne |   .0424336   .0270341     1.57   0.117    -.0105662    .0954334
i_r_share_~t |  -.0696706   .0274297    -2.54   0.011    -.1234461   -.0158952
i_r_share_~k |   .0137756   .0282907     0.49   0.626    -.0416879     .069239
       i_for |   -.044159     .03877    -1.14   0.255    -.1201668    .0318488
       i_mne |  -.0329285   .0401399    -0.82   0.412     -.111622    .0457649
 i_oecd_2008 |   .2316995    .040896     5.67   0.000     .1515237    .3118753
i_no_EU_no~D |   .1242744   .0479661     2.59   0.010     .0302379     .218311
i_ex_rate_~e |  -.2082157   .1138085    -1.83   0.067    -.4313352    .0149038
i_growth_r~X |   .0156115   .0055266     2.82   0.005     .0047767    .0264462
i_Intermed~e |  -.1724923   .1444511    -1.19   0.232    -.4556859    .1107013
i_Capital_~s |  (dropped)
i_Consumer~r |  (dropped)
    i_Energy |  (dropped)
     i_Other |  (dropped)
i_frac_lib~g |   .0594329   .0200872     2.96   0.003     .0200523    .0988135
 nacenace2_2 |   -.067416   .1304008    -0.52   0.605    -.3230643    .1882322
 nacenace2_5 |   .1567579   .0844313     1.86   0.063    -.0087682     .322284
nacenace2_14 |   .1388165   .0941596     1.47   0.140    -.0457817    .3234147
nacenace2_15 |   .1010487   .0913393     1.11   0.269    -.0780202    .2801176
nacenace2_16 |   .5290462   .2018393     2.62   0.009      .133344    .9247484
nacenace2_17 |  -.0543616   .0816546    -0.67   0.506    -.2144439    .1057207
nacenace2_18 |   .1809811    .147224     1.23   0.219    -.1076488    .4696109
nacenace2_19 |   .1781921    .096977     1.84   0.066    -.0119294    .3683136
nacenace2_20 |   .0149652   .0889734     0.17   0.866    -.1594655     .189396
nacenace2_21 |   .0382801   .0921948     0.42   0.678     -.142466    .2190262
nacenace2_22 |   .0247886   .1709363     0.15   0.885    -.3103289    .3599061
nacenace2_23 |   .1282351   .0818923     1.57   0.117    -.0323131    .2887834
nacenace2_24 |   .0332665   .0825838     0.40   0.687    -.1286375    .1951704
nacenace2_25 |   .0499252   .0799006     0.62   0.532    -.1067183    .2065688
nacenace2_26 |   .0594296    .084074     0.71   0.480    -.1053958     .224255
nacenace2_27 |    .125649   .0847258     1.48   0.138    -.0404543    .2917523
nacenace2_28 |   .0870699   .0820153     1.06   0.288    -.0737195    .2478593
nacenace2_29 |   .1681153   .1093113     1.54   0.124    -.0461874    .3824181
nacenace2_30 |  -.0658516   .1158029    -0.57   0.570    -.2928809    .1611778
nacenace2_31 |  -.0114494   .1091273    -0.10   0.916    -.2253915    .2024926
nacenace2_32 |  -.1336469   .1840065    -0.73   0.468    -.4943883    .2270944
nacenace2_33 |   .0899878   .0919653     0.98   0.328    -.0903083     .270284
nacenace2_35 |  -.1830868   .1123227    -1.63   0.103    -.4032933    .0371197
nacenace2_36 |  -.0019704   .1021431    -0.02   0.985    -.2022201    .1982792
nacenace2_37 |   .0022497   .0963774     0.02   0.981    -.1866964    .1911958
nacenace2_40 |  (dropped)
nacenace2_41 |  (dropped)
nacenace2_45 |   -.006405   .1290779    -0.05   0.960    -.2594597    .2466498
nacenace2_50 |   .0146708    .102518     0.14   0.886    -.1863138    .2156554
nacenace2_51 |   .0831614   .0796851     1.04   0.297    -.0730597    .2393825
nacenace2_52 |   .0575293   .0919223     0.63   0.531    -.1226826    .2377412
nacenace2_55 |   .0492116   .2528867     0.19   0.846    -.4465679    .5449912
nacenace2_60 |   .0241914   .1240546     0.20   0.845    -.2190153    .2673982
nacenace2_61 |  (dropped)
nacenace2_62 |   1.257065   .1367467     9.19   0.000     .9889757    1.525154
nacenace2_63 |  -.0739887   .0994895    -0.74   0.457     -.269036    .1210585
nacenace2_64 |    .227925   .0973244     2.34   0.019     .0371223    .4187276
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.2967275     .30886    -0.96   0.337    -.9022416    .3087867
nacenace2_71 |   .0653515   .3225554     0.20   0.839    -.5670122    .6977152
nacenace2_72 |  -.1646621   .2526633    -0.65   0.515    -.6600036    .3306795
nacenace2_73 |   .2357451    .134033     1.76   0.079    -.0270241    .4985143
nacenace2_74 |  -.1033384   .0950119    -1.09   0.277    -.2896075    .0829308
nacenace2_80 |  (dropped)
nacenace2_85 |  -2.298727   2.417551    -0.95   0.342    -7.038289    2.440836
nacenace2_90 |   .0707642   .1815336     0.39   0.697     -.285129    .4266574
nacenace2_91 |  (dropped)
nacenace2_92 |   .2220337   .4739174     0.47   0.639    -.7070724     1.15114
nacenace2_93 |   .0122811     .08474     0.14   0.885    -.1538502    .1784123
nacenace2_99 |  (dropped)
 nacenace2_1 |   .5649462   .1361292     4.15   0.000     .2980676    .8318249
is_nis_na~_1 |  -.4490709   .1850741    -2.43   0.015    -.8119051   -.0862366
is_nis_na~_2 |   .0617741   .3100964     0.20   0.842     -.546164    .6697123
is_nis_na~_5 |   .1258161   .1543617     0.82   0.415    -.1768071    .4284392
is_nis_na~14 |  -.1120591   .1539473    -0.73   0.467    -.4138699    .1897518
is_nis_na~15 |   .2576402   .1419613     1.81   0.070    -.0206723    .5359526
is_nis_na~16 |  -.5787009   .2240024    -2.58   0.010    -1.017853   -.1395484
is_nis_na~17 |  -.0276242   .1333193    -0.21   0.836    -.2889942    .2337458
is_nis_na~18 |   .0148242   .2105249     0.07   0.944    -.3979059    .4275542
is_nis_na~19 |  -.2599492   .1425077    -1.82   0.068    -.5393329    .0194345
is_nis_na~20 |  -.0155285   .1400384    -0.11   0.912    -.2900711    .2590142
is_nis_na~21 |  -.0199565   .1379541    -0.14   0.885    -.2904128    .2504999
is_nis_na~22 |   .1611196   .1458543     1.10   0.269    -.1248249    .4470641
is_nis_na~23 |  -.0003554   .1585575    -0.00   0.998    -.3112043    .3104935
is_nis_na~24 |   .0959786   .1333205     0.72   0.472    -.1653936    .3573508
is_nis_na~25 |  -.0795005   .1331694    -0.60   0.551    -.3405767    .1815756
is_nis_na~26 |  -.1025717   .1428555    -0.72   0.473    -.3826372    .1774937
is_nis_na~27 |  -.4118253   .1346974    -3.06   0.002    -.6758971   -.1477535
is_nis_na~28 |  -.0595501   .1332741    -0.45   0.655    -.3208315    .2017313
is_nis_na~29 |  -.0013858   .1564647    -0.01   0.993    -.3081318    .3053602
is_nis_na~30 |   .0005002   .1727679     0.00   0.998     -.338208    .3392084
is_nis_na~31 |   .1228025   .1729832     0.71   0.478    -.2163279    .4619328
is_nis_na~32 |   .2030314   .3297476     0.62   0.538    -.4434324    .8494953
is_nis_na~33 |  -.1453211   .1537423    -0.95   0.345    -.4467299    .1560877
is_nis_na~35 |   .4755876   .2600181     1.83   0.067     -.034173    .9853481
is_nis_na~36 |   .1713002   .1509778     1.13   0.257    -.1246888    .4672893
is_nis_na~37 |  -.1124896   .1615298    -0.70   0.486    -.4291657    .2041865
is_nis_na~40 |  (dropped)
is_nis_na~41 |  (dropped)
is_nis_na~45 |  -.0912413   .2033479    -0.45   0.654    -.4899009    .3074184
is_nis_na~50 |   .2650441   .1516982     1.75   0.081    -.0323573    .5624456
is_nis_na~51 |   .0621864   .1291786     0.48   0.630    -.1910658    .3154386
is_nis_na~52 |   .1435876   .1574703     0.91   0.362    -.1651299    .4523051
is_nis_na~55 |   .1122559   .2818867     0.40   0.690    -.4403776    .6648895
is_nis_na~60 |   .2984957   .1924195     1.55   0.121    -.0787391    .6757305
is_nis_na~61 |  (dropped)
is_nis_na~62 |  (dropped)
is_nis_na~63 |   .4440287   .1804708     2.46   0.014     .0902191    .7978383
is_nis_na~64 |   .1052377   .1563069     0.67   0.501     -.201199    .4116743
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .2422549   .3158094     0.77   0.443    -.3768835    .8613933
is_nis_na~71 |  -.0855754   .3816143    -0.22   0.823    -.8337229    .6625722
is_nis_na~72 |  -.0507937     .38592    -0.13   0.895    -.8073826    .7057953
is_nis_na~73 |   .4145989   .1895926     2.19   0.029     .0429061    .7862916
is_nis_na~74 |   .2691728   .1690085     1.59   0.111    -.0621653    .6005108
is_nis_na~80 |  (dropped)
is_nis_na~85 |   3.663824   4.157587     0.88   0.378    -4.487046     11.8147
is_nis_na~90 |  -.4934212    .288153    -1.71   0.087     -1.05834    .0714973
is_nis_na~91 |  (dropped)
is_nis_na~92 |  -.6201965   .3817852    -1.62   0.104    -1.368679    .1282862
is_nis_na~93 |    .394511   .1362844     2.89   0.004     .1273281    .6616939
is_nis_na~99 |  (dropped)
       _cons |  -.0916224   .0941291    -0.97   0.330    -.2761606    .0929159
------------------------------------------------------------------------------

. *growth_rat~X |   .0098512   .0046794     2.11   0.035     .0006773    .0190252
. *i_growth_r~X |   .0156115   .0055266     2.82   0.005     .0047767    .0264462
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' if  Capital_good
> s==1, cluster(vat)

Linear regression                                      Number of obs =   58491
                                                       F(108,  2783) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0126
                                                       Root MSE      =  1.5242

                                 (Std. Err. adjusted for 2784 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |   -.347298   .1971188    -1.76   0.078    -.7338118    .0392158
      r_size |   .0882509   .0392862     2.25   0.025     .0112179    .1652839
      r_prod |   .0106181   .0308973     0.34   0.731    -.0499658    .0712021
r_interm_s~e |  -.0352802   .0274249    -1.29   0.198    -.0890554    .0184951
r_share_ex~s |   -.040473   .0430263    -0.94   0.347    -.1248396    .0438936
r_share_im~m |   -.032668   .0354419    -0.92   0.357    -.1021631    .0368271
r_value_ad~n |   .0185965   .0515786     0.36   0.718    -.0825397    .1197327
r_ext_fin_~p |   -.032593   .0423806    -0.77   0.442    -.1156935    .0505076
r_share_d~ve |   .0122243   .0386386     0.32   0.752     -.063539    .0879875
r_share_d~ne |   .0294236   .0348861     0.84   0.399    -.0389816    .0978289
r_share_fi~t |   -.000341   .0387565    -0.01   0.993    -.0763354    .0756534
r_share_st~k |   .0260518   .0331039     0.79   0.431    -.0388589    .0909625
         for |   .0309524   .0440563     0.70   0.482     -.055434    .1173388
         mne |   .0120808    .050079     0.24   0.809     -.086115    .1102766
oecd_2008_~U |   -.180687   .0472221    -3.83   0.000    -.2732808   -.0880932
no_EU_no_O~D |  -.0251858   .0525948    -0.48   0.632    -.1283146     .077943
ex_rate_ch~e |  -.5505959   .1417872    -3.88   0.000    -.8286145   -.2725772
growth_rat~X |     .00994   .0073258     1.36   0.175    -.0044245    .0243044
Intermediate |  (dropped)
Capital_go~s |  (dropped)
Consumer_dur |  (dropped)
      Energy |  (dropped)
       Other |  (dropped)
frac_lib_d~g |  (dropped)
    i_r_size |  -.0530962   .0602944    -0.88   0.379    -.1713225    .0651301
    i_r_prod |   .0054417   .0504252     0.11   0.914    -.0934328    .1043162
i_r_interm~e |   .0347411   .0481633     0.72   0.471    -.0596983    .1291804
i_r_share_~s |   .0136933   .0783986     0.17   0.861    -.1400321    .1674187
i_r_share_~m |   .0451536   .0540562     0.84   0.404    -.0608406    .1511479
i_r_value_~n |    .084246   .0813419     1.04   0.300    -.0752506    .2437426
i_r_ext_fi~p |  -.0133843   .0559623    -0.24   0.811     -.123116    .0963475
i_r_share~ve |  -.0619629   .0606111    -1.02   0.307    -.1808101    .0568844
i_r_share~ne |   .0008373   .0484317     0.02   0.986    -.0941284    .0958029
i_r_share_~t |  -.0672036   .0515612    -1.30   0.193    -.1683056    .0338985
i_r_share_~k |   .0509558    .051811     0.98   0.325     -.050636    .1525476
       i_for |  -.1192647   .0737287    -1.62   0.106    -.2638331    .0253037
       i_mne |   .0662339   .0742298     0.89   0.372    -.0793171     .211785
 i_oecd_2008 |   .3808094   .0812934     4.68   0.000      .221408    .5402107
i_no_EU_no~D |    .000738   .0851406     0.01   0.993     -.166207     .167683
i_ex_rate_~e |  -.0310609   .1846481    -0.17   0.866     -.393122    .3310002
i_growth_r~X |   .0185784   .0098251     1.89   0.059    -.0006867    .0378436
i_Intermed~e |  (dropped)
i_Capital_~s |  (dropped)
i_Consumer~r |  (dropped)
    i_Energy |  (dropped)
     i_Other |  (dropped)
i_frac_lib~g |  (dropped)
 nacenace2_2 |  (dropped)
 nacenace2_5 |   .1012526    .089345     1.13   0.257    -.0739366    .2764419
nacenace2_14 |  (dropped)
nacenace2_15 |    .118567   .2324369     0.51   0.610    -.3371993    .5743333
nacenace2_16 |  -.5220061    .504538    -1.03   0.301    -1.511313    .4673005
nacenace2_17 |  -.3169637   .1488683    -2.13   0.033    -.6088671   -.0250602
nacenace2_18 |     .75719   .2309996     3.28   0.001     .3042421    1.210138
nacenace2_19 |  -1.179763   .4882015    -2.42   0.016    -2.137037   -.2224893
nacenace2_20 |  -.2324334   .1214846    -1.91   0.056    -.4706424    .0057756
nacenace2_21 |  -.2531104   .1690808    -1.50   0.135    -.5846469    .0784261
nacenace2_22 |   .3269853    .440712     0.74   0.458    -.5371703    1.191141
nacenace2_23 |  -.3148512   .2006462    -1.57   0.117    -.7082817    .0785792
nacenace2_24 |  -.1932642   .0908687    -2.13   0.034    -.3714411   -.0150873
nacenace2_25 |  -.1217459   .1086163    -1.12   0.262    -.3347227    .0912308
nacenace2_26 |   .2040051   .1914222     1.07   0.287    -.1713389     .579349
nacenace2_27 |   .0232515   .0991479     0.23   0.815    -.1711593    .2176623
nacenace2_28 |  -.0816183   .0777454    -1.05   0.294    -.2340628    .0708262
nacenace2_29 |   .0143479   .0768229     0.19   0.852    -.1362878    .1649835
nacenace2_30 |  -.2378734   .1103885    -2.15   0.031    -.4543251   -.0214217
nacenace2_31 |  -.0399263   .0893872    -0.45   0.655    -.2151983    .1353457
nacenace2_32 |  -.3001868   .2787932    -1.08   0.282    -.8468492    .2464756
nacenace2_33 |   .0046679   .0810057     0.06   0.954    -.1541695    .1635053
nacenace2_35 |   .0747392   .2523471     0.30   0.767    -.4200672    .5695456
nacenace2_36 |   .1649547   .2536406     0.65   0.516    -.3323881    .6622974
nacenace2_37 |  -.0586098   .6515859    -0.09   0.928     -1.33625    1.219031
nacenace2_40 |   2.717683    1.99511     1.36   0.173    -1.194361    6.629728
nacenace2_41 |  (dropped)
nacenace2_45 |  -.2930523   .1806686    -1.62   0.105    -.6473104    .0612057
nacenace2_50 |   -.132926   .0870025    -1.53   0.127    -.3035219    .0376699
nacenace2_51 |  -.0624005   .0749864    -0.83   0.405    -.2094351    .0846341
nacenace2_52 |   .0326182   .1283174     0.25   0.799    -.2189887    .2842251
nacenace2_55 |   -.234494   .0874962    -2.68   0.007    -.4060579     -.06293
nacenace2_60 |   .0698794   .1435211     0.49   0.626    -.2115391     .351298
nacenace2_61 |  (dropped)
nacenace2_62 |   1.815321    .120809    15.03   0.000     1.578436    2.052205
nacenace2_63 |    .339242    .230555     1.47   0.141    -.1128342    .7913182
nacenace2_64 |  -.9966036   .1496994    -6.66   0.000    -1.290137   -.7030705
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.0348083   .1322438    -0.26   0.792    -.2941142    .2244977
nacenace2_71 |   .0644239   .1226735     0.53   0.600    -.1761163    .3049641
nacenace2_72 |   .0971638   .1417815     0.69   0.493    -.1808436    .3751713
nacenace2_73 |  -.0069333   .0975256    -0.07   0.943    -.1981631    .1842965
nacenace2_74 |  -.1790954   .1121727    -1.60   0.110    -.3990457    .0408548
nacenace2_80 |  (dropped)
nacenace2_85 |  -.4248504   .1100343    -3.86   0.000    -.6406075   -.2090933
nacenace2_90 |  -.3703967   .3714388    -1.00   0.319     -1.09872    .3579267
nacenace2_91 |   1.022698   .1228575     8.32   0.000     .7817972    1.263599
nacenace2_92 |  -.8991386   .0949968    -9.46   0.000     -1.08541   -.7128674
nacenace2_93 |   1.368071   .1299469    10.53   0.000     1.113269    1.622873
nacenace2_99 |  (dropped)
 nacenace2_1 |    .983466   .4938156     1.99   0.047      .015184    1.951748
is_nis_na~_1 |  -.7566689   .4852964    -1.56   0.119    -1.708246    .1949085
is_nis_na~_2 |  (dropped)
is_nis_na~_5 |  -.1770846   .1738151    -1.02   0.308    -.5179042    .1637349
is_nis_na~14 |  (dropped)
is_nis_na~15 |  -.0078991   .2348705    -0.03   0.973     -.468437    .4526389
is_nis_na~16 |   .7040358   .8962403     0.79   0.432    -1.053327    2.461399
is_nis_na~17 |   .6682246    .321754     2.08   0.038     .0373239    1.299125
is_nis_na~18 |  -1.018534    .377499    -2.70   0.007     -1.75874   -.2783276
is_nis_na~19 |   2.086732   .5153914     4.05   0.000     1.076144     3.09732
is_nis_na~20 |   .6023818   .3902248     1.54   0.123    -.1627774    1.367541
is_nis_na~21 |   -.017874   .3760822    -0.05   0.962    -.7553022    .7195542
is_nis_na~22 |  -.6433953   .6792633    -0.95   0.344    -1.975306    .6885155
is_nis_na~23 |   .1237392   .2160332     0.57   0.567    -.2998623    .5473406
is_nis_na~24 |   .1955473   .1892079     1.03   0.301    -.1754547    .5665492
is_nis_na~25 |   .0422557   .1962879     0.22   0.830    -.3426289    .4271403
is_nis_na~26 |  -.3200539   .3671557    -0.87   0.383    -1.039979     .399871
is_nis_na~27 |   .1312773   .1826101     0.72   0.472    -.2267877    .4893423
is_nis_na~28 |   .0776293    .162485     0.48   0.633     -.240974    .3962327
is_nis_na~29 |  -.0420037   .1599709    -0.26   0.793    -.3556773      .27167
is_nis_na~30 |  -.1218465   .2159482    -0.56   0.573    -.5452815    .3015884
is_nis_na~31 |    .136946   .1901915     0.72   0.472    -.2359848    .5098767
is_nis_na~32 |   .3107941   .3966722     0.78   0.433    -.4670074    1.088596
is_nis_na~33 |  -.0446359   .1901579    -0.23   0.814    -.4175008     .328229
is_nis_na~35 |   .3011699   .4158411     0.72   0.469    -.5142182    1.116558
is_nis_na~36 |  -.0906939   .4363115    -0.21   0.835    -.9462208     .764833
is_nis_na~37 |  -.0432701    1.03341    -0.04   0.967    -2.069598    1.983057
is_nis_na~40 |  (dropped)
is_nis_na~41 |  (dropped)
is_nis_na~45 |   .2185041    .233337     0.94   0.349    -.2390269    .6760352
is_nis_na~50 |   .2749598   .1675399     1.64   0.101    -.0535552    .6034748
is_nis_na~51 |   .1776175   .1594924     1.11   0.266    -.1351179    .4903529
is_nis_na~52 |   .1101531   .2080025     0.53   0.596    -.2977017    .5180078
is_nis_na~55 |  -1.740535   .1788576    -9.73   0.000    -2.091242   -1.389828
is_nis_na~60 |  -.0470897   .2424199    -0.19   0.846    -.5224307    .4282513
is_nis_na~61 |  (dropped)
is_nis_na~62 |  -1.997439   .2024988    -9.86   0.000    -2.394503   -1.600376
is_nis_na~63 |   .1477892   .3670937     0.40   0.687    -.5720144    .8675928
is_nis_na~64 |   1.032753   .2681259     3.85   0.000     .5070072    1.558499
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |  (dropped)
is_nis_na~71 |   -.082921   .2362017    -0.35   0.726    -.5460693    .3802273
is_nis_na~72 |  -.0432048   .2232123    -0.19   0.847    -.4808831    .3944736
is_nis_na~73 |   .2082641    .190761     1.09   0.275    -.1657833    .5823115
is_nis_na~74 |   .1469579   .2042188     0.72   0.472    -.2534777    .5473935
is_nis_na~80 |  (dropped)
is_nis_na~85 |   2.178778   1.287214     1.69   0.091    -.3452123    4.702769
is_nis_na~90 |   .9071967   .4554594     1.99   0.046     .0141243    1.800269
is_nis_na~91 |  (dropped)
is_nis_na~92 |   1.441096   .2463723     5.85   0.000     .9580054    1.924187
is_nis_na~93 |  (dropped)
is_nis_na~99 |  (dropped)
       _cons |  -.0291196   .1072488    -0.27   0.786    -.2394149    .1811758
------------------------------------------------------------------------------

. *growth_rat~X |     .00994   .0073258     1.36   0.175    -.0044245    .0243044
. *i_growth_r~X |   .0185784   .0098251     1.89   0.059    -.0006867    .0378436
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' if  Consumer_dur
> ==1, cluster(vat)

Linear regression                                      Number of obs =   13316
                                                       F( 92,   999) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0328
                                                       Root MSE      =  1.4384

                                 (Std. Err. adjusted for 1000 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  (dropped)
      r_size |  -.0507035   .0706505    -0.72   0.473     -.189344     .087937
      r_prod |  -.1375716   .0604934    -2.27   0.023    -.2562802   -.0188629
r_interm_s~e |    .010464   .0527976     0.20   0.843    -.0931429    .1140709
r_share_ex~s |  -.1035128   .0862964    -1.20   0.231    -.2728558    .0658302
r_share_im~m |  -.0643254   .0538182    -1.20   0.232    -.1699351    .0412842
r_value_ad~n |  -.0282647   .1042993    -0.27   0.786    -.2329356    .1764062
r_ext_fin_~p |  -.0922324   .0601888    -1.53   0.126    -.2103433    .0258785
r_share_d~ve |  -.1736791   .0618289    -2.81   0.005    -.2950086   -.0523496
r_share_d~ne |   .0614548   .0612623     1.00   0.316    -.0587627    .1816723
r_share_fi~t |   .0227712   .0656617     0.35   0.729    -.1060795    .1516219
r_share_st~k |   .0691913   .0587569     1.18   0.239    -.0461097    .1844924
         for |   .2334251   .1045459     2.23   0.026     .0282702    .4385799
         mne |  -.1512857   .1063107    -1.42   0.155    -.3599036    .0573323
oecd_2008_~U |  -.3377644    .085507    -3.95   0.000    -.5055584   -.1699705
no_EU_no_O~D |  -.1989254   .1042106    -1.91   0.057    -.4034222    .0055715
ex_rate_ch~e |   -.192734   .3243787    -0.59   0.553    -.8292758    .4438078
growth_rat~X |   .0273198   .0147189     1.86   0.064    -.0015638    .0562033
Intermediate |  (dropped)
Capital_go~s |  (dropped)
Consumer_dur |  (dropped)
      Energy |  (dropped)
       Other |  (dropped)
frac_lib_d~g |    .374655    .167577     2.24   0.026     .0458117    .7034982
    i_r_size |    .091507   .1207179     0.76   0.449    -.1453826    .3283967
    i_r_prod |   .2284999   .0820118     2.79   0.005     .0675647    .3894351
i_r_interm~e |  -.1389102   .0741432    -1.87   0.061    -.2844046    .0065841
i_r_share_~s |   .1093173   .1204577     0.91   0.364    -.1270618    .3456965
i_r_share_~m |   .1125189    .082938     1.36   0.175    -.0502339    .2752716
i_r_value_~n |   .0307182   .1491747     0.21   0.837    -.2620135    .3234499
i_r_ext_fi~p |   .1079919   .0827706     1.30   0.192    -.0544323    .2704161
i_r_share~ve |   .2792912   .0842927     3.31   0.001     .1138802    .4447023
i_r_share~ne |   .0223607   .0897993     0.25   0.803    -.1538561    .1985776
i_r_share_~t |  -.1039986   .0918948    -1.13   0.258    -.2843276    .0763303
i_r_share_~k |  -.0167921   .0781776    -0.21   0.830    -.1702033    .1366192
       i_for |  -.1760368    .145259    -1.21   0.226    -.4610847     .109011
       i_mne |   .1185561   .1379342     0.86   0.390    -.1521179    .3892302
 i_oecd_2008 |   .4905965   .1228443     3.99   0.000     .2495342    .7316589
i_no_EU_no~D |    .116846   .1495386     0.78   0.435    -.1765998    .4102917
i_ex_rate_~e |  -.7760076   .4239234    -1.83   0.067     -1.60789    .0558749
i_growth_r~X |   .0126849   .0178053     0.71   0.476    -.0222552     .047625
i_Intermed~e |  (dropped)
i_Capital_~s |  (dropped)
i_Consumer~r |  -1.075799   .3261648    -3.30   0.001    -1.715846   -.4357521
    i_Energy |  (dropped)
     i_Other |  (dropped)
i_frac_lib~g |  -.0510248   .2270994    -0.22   0.822    -.4966714    .3946219
 nacenace2_2 |  -1.085534   .2022751    -5.37   0.000    -1.482467   -.6886014
 nacenace2_5 |  (dropped)
nacenace2_14 |  (dropped)
nacenace2_15 |   .1743917   .3014015     0.58   0.563    -.4170609    .7658443
nacenace2_16 |   1.757908   .2282581     7.70   0.000     1.309988    2.205828
nacenace2_17 |   .1514755   .1926775     0.79   0.432    -.2266235    .5295744
nacenace2_18 |  -.4644152   .2345557    -1.98   0.048    -.9246935   -.0041369
nacenace2_19 |  -.3270205   .1884304    -1.74   0.083    -.6967853    .0427443
nacenace2_20 |   -.265925   .4948483    -0.54   0.591    -1.236986    .7051363
nacenace2_21 |   .1090196   .1705062     0.64   0.523    -.2255718     .443611
nacenace2_22 |  -.5148627   .1871201    -2.75   0.006    -.8820562   -.1476691
nacenace2_23 |  (dropped)
nacenace2_24 |  -1.002039   .9972096    -1.00   0.315    -2.958904    .9548273
nacenace2_25 |  -.2296564   .5170356    -0.44   0.657    -1.244257     .784944
nacenace2_26 |    .878514   .8292184     1.06   0.290    -.7486956    2.505724
nacenace2_27 |  -.8046148   .2395761    -3.36   0.001    -1.274745   -.3344847
nacenace2_28 |  -.3449589   .2114018    -1.63   0.103    -.7598014    .0698836
nacenace2_29 |  -.1896124   .3949219    -0.48   0.631     -.964584    .5853593
nacenace2_30 |   1.099078   2.018163     0.54   0.586    -2.861247    5.059403
nacenace2_31 |  -.0789474   .2751086    -0.29   0.774    -.6188044    .4609096
nacenace2_32 |  -.2866745   .2386379    -1.20   0.230    -.7549637    .1816146
nacenace2_33 |  -.5070263   .2508508    -2.02   0.044    -.9992811   -.0147714
nacenace2_35 |  -.0268476    .230783    -0.12   0.907    -.4797227    .4260275
nacenace2_36 |  -.1149428   .1782841    -0.64   0.519     -.464797    .2349115
nacenace2_37 |   .4156754   .2019235     2.06   0.040     .0194326    .8119182
nacenace2_40 |  (dropped)
nacenace2_41 |  (dropped)
nacenace2_45 |  -.2404751   .2970611    -0.81   0.418    -.8234104    .3424601
nacenace2_50 |  -.1370239   .1835438    -0.75   0.456    -.4971995    .2231517
nacenace2_51 |  -.0708395   .1670461    -0.42   0.672    -.3986411     .256962
nacenace2_52 |  -.1210408   .1853867    -0.65   0.514    -.4848328    .2427513
nacenace2_55 |  (dropped)
nacenace2_60 |  -.2135618   .2686414    -0.79   0.427     -.740728    .3136044
nacenace2_61 |  (dropped)
nacenace2_62 |  (dropped)
nacenace2_63 |   .1223361   .6499126     0.19   0.851    -1.153014    1.397687
nacenace2_64 |  (dropped)
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |   .8276532   .7659541     1.08   0.280    -.6754102    2.330717
nacenace2_71 |   .3999247   .4597521     0.87   0.385     -.502266    1.302115
nacenace2_72 |   .4772118   .4696988     1.02   0.310    -.4444976    1.398921
nacenace2_73 |  (dropped)
nacenace2_74 |  -.3258251   .2574591    -1.27   0.206    -.8310479    .1793976
nacenace2_80 |  (dropped)
nacenace2_85 |  (dropped)
nacenace2_90 |  -1.790617   .2180253    -8.21   0.000    -2.218457   -1.362777
nacenace2_91 |  -1.578013   .2038345    -7.74   0.000    -1.978006   -1.178021
nacenace2_92 |   1.114607   .2254498     4.94   0.000     .6721971    1.557016
nacenace2_93 |  (dropped)
nacenace2_99 |  (dropped)
 nacenace2_1 |  -.2595856   .4085317    -0.64   0.525    -1.061264     .542093
is_nis_na~_1 |   .2719302    .440046     0.62   0.537    -.5915903    1.135451
is_nis_na~_2 |   3.182389   .2840673    11.20   0.000     2.624952    3.739826
is_nis_na~_5 |  (dropped)
is_nis_na~14 |  (dropped)
is_nis_na~15 |   .4769656   .4335271     1.10   0.272    -.3737625    1.327694
is_nis_na~16 |  (dropped)
is_nis_na~17 |   .4146789   .2614125     1.59   0.113    -.0983016    .9276594
is_nis_na~18 |   1.746218    .281997     6.19   0.000     1.192844    2.299593
is_nis_na~19 |   .2889071   .2457591     1.18   0.240    -.1933562    .7711704
is_nis_na~20 |    .858422   1.100726     0.78   0.436    -1.301579    3.018423
is_nis_na~21 |   .0834044   .2419875     0.34   0.730    -.3914577    .5582666
is_nis_na~22 |   1.229278   .2449344     5.02   0.000     .7486334    1.709923
is_nis_na~23 |  (dropped)
is_nis_na~24 |    1.39069   1.055867     1.32   0.188    -.6812812     3.46266
is_nis_na~25 |    .667996   .5583794     1.20   0.232     -.427735    1.763727
is_nis_na~26 |  -1.036738    1.06553    -0.97   0.331    -3.127671    1.054196
is_nis_na~27 |   .4069661   .3074927     1.32   0.186    -.1964396    1.010372
is_nis_na~28 |   .5129594   .2899679     1.77   0.077    -.0560566    1.081975
is_nis_na~29 |   .8855444   .5711974     1.55   0.121    -.2353399    2.006429
is_nis_na~30 |  (dropped)
is_nis_na~31 |   1.072133   .4597946     2.33   0.020      .169859    1.974407
is_nis_na~32 |   .9401116   .2841749     3.31   0.001     .3824635     1.49776
is_nis_na~33 |   .8881548   .3501341     2.54   0.011     .2010721    1.575237
is_nis_na~35 |   1.010919   .2530493     3.99   0.000     .5143501    1.507488
is_nis_na~36 |    .553179   .2361014     2.34   0.019     .0898674    1.016491
is_nis_na~37 |   .4965806   .3317469     1.50   0.135      -.15442    1.147581
is_nis_na~40 |  (dropped)
is_nis_na~41 |  (dropped)
is_nis_na~45 |   .9700437   .5535452     1.75   0.080    -.1162009    2.056288
is_nis_na~50 |   .5272289   .2443961     2.16   0.031     .0476403    1.006817
is_nis_na~51 |   .5686677    .222842     2.55   0.011     .1313756     1.00596
is_nis_na~52 |   .6591035   .2449039     2.69   0.007     .1785185    1.139689
is_nis_na~55 |  (dropped)
is_nis_na~60 |   .8968454   .3368517     2.66   0.008     .2358273    1.557863
is_nis_na~61 |  (dropped)
is_nis_na~62 |  (dropped)
is_nis_na~63 |   .3557958   .7453105     0.48   0.633    -1.106758    1.818349
is_nis_na~64 |  (dropped)
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .5731853    1.44888     0.40   0.692    -2.270013    3.416383
is_nis_na~71 |  -.8580346   .9782808    -0.88   0.381    -2.777756    1.061686
is_nis_na~72 |   .4687173   .5877153     0.80   0.425    -.6845808    1.622015
is_nis_na~73 |  (dropped)
is_nis_na~74 |   .6715341   .3559505     1.89   0.060    -.0269623    1.370031
is_nis_na~80 |  (dropped)
is_nis_na~85 |  (dropped)
is_nis_na~90 |  (dropped)
is_nis_na~91 |  (dropped)
is_nis_na~92 |  -1.225768   .7096405    -1.73   0.084    -2.618325    .1667891
is_nis_na~93 |  (dropped)
is_nis_na~99 |  (dropped)
       _cons |  -.0526053   .2434263    -0.22   0.829    -.5302909    .4250802
------------------------------------------------------------------------------

. *growth_rat~X |   .0273198   .0147189     1.86   0.064    -.0015638    .0562033
. *i_growth_r~X |   .0126849   .0178053     0.71   0.476    -.0222552     .047625
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' if  Energy==1, c
> luster(vat)

Linear regression                                      Number of obs =    3005
                                                       F( 68,   296) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0563
                                                       Root MSE      =  1.2568

                                  (Std. Err. adjusted for 297 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  (dropped)
      r_size |  -.2319178    .129312    -1.79   0.074    -.4864052    .0225696
      r_prod |   .1249926   .1012051     1.24   0.218    -.0741801    .3241653
r_interm_s~e |  -.0697919   .0757515    -0.92   0.358    -.2188717    .0792878
r_share_ex~s |  -.0434101   .1124147    -0.39   0.700    -.2646434    .1778233
r_share_im~m |  -.1086578    .097851    -1.11   0.268    -.3012295    .0839139
r_value_ad~n |   .1764393   .1758247     1.00   0.316    -.1695856    .5224643
r_ext_fin_~p |   .0962732   .1017331     0.95   0.345    -.1039387    .2964851
r_share_d~ve |   .0735558   .0849786     0.87   0.387     -.093683    .2407946
r_share_d~ne |   -.050737   .0959803    -0.53   0.597    -.2396273    .1381534
r_share_fi~t |    .116938   .1065034     1.10   0.273    -.0926618    .3265378
r_share_st~k |   -.104259   .0918398    -1.14   0.257    -.2850008    .0764827
         for |  -.0082995   .0950417    -0.09   0.930    -.1953427    .1787436
         mne |   .1500079   .0878201     1.71   0.089     -.022823    .3228388
oecd_2008_~U |  -.2994954   .1427135    -2.10   0.037    -.5803571   -.0186336
no_EU_no_O~D |  -.3080092   .1225306    -2.51   0.012    -.5491507   -.0668677
ex_rate_ch~e |   .3117233   .5373172     0.58   0.562    -.7457226    1.369169
growth_rat~X |   .0185012   .0150148     1.23   0.219    -.0110481    .0480505
Intermediate |  (dropped)
Capital_go~s |  (dropped)
Consumer_dur |  (dropped)
      Energy |  (dropped)
       Other |  (dropped)
frac_lib_d~g |    .185885   .1242102     1.50   0.136    -.0585621    .4303321
    i_r_size |   .3106183   .1835973     1.69   0.092    -.0507031    .6719398
    i_r_prod |  -.3196235   .1366925    -2.34   0.020    -.5886358   -.0506112
i_r_interm~e |  -.0482607   .1045169    -0.46   0.645    -.2539512    .1574297
i_r_share_~s |   .0027935   .1613764     0.02   0.986     -.314797     .320384
i_r_share_~m |   .0942618   .1278968     0.74   0.462    -.1574404     .345964
i_r_value_~n |   -.096617    .290933    -0.33   0.740    -.6691762    .4759422
i_r_ext_fi~p |   -.112624   .1196566    -0.94   0.347    -.3481095    .1228615
i_r_share~ve |  -.0577843     .10466    -0.55   0.581    -.2637562    .1481877
i_r_share~ne |  -.0073386   .1402729    -0.05   0.958    -.2833972      .26872
i_r_share_~t |  -.2659904   .1577605    -1.69   0.093    -.5764647    .0444839
i_r_share_~k |   .3577255   .1256924     2.85   0.005     .1103616    .6050895
       i_for |   .2153814   .1515103     1.42   0.156    -.0827926    .5135553
       i_mne |  -.3076465   .1448433    -2.12   0.034    -.5926996   -.0225934
 i_oecd_2008 |   .4555231   .2201981     2.07   0.039     .0221709    .8888752
i_no_EU_no~D |   .4750176    .183872     2.58   0.010     .1131555    .8368796
i_ex_rate_~e |  -.8007621   .7480338    -1.07   0.285    -2.272901    .6713764
i_growth_r~X |  -.0033592    .024382    -0.14   0.891    -.0513433    .0446249
i_Intermed~e |  (dropped)
i_Capital_~s |  (dropped)
i_Consumer~r |  (dropped)
    i_Energy |   -.516908   .4832723    -1.07   0.286    -1.467993    .4341771
     i_Other |  (dropped)
i_frac_lib~g |  -.2738513   .1543417    -1.77   0.077    -.5775973    .0298948
 nacenace2_2 |  (dropped)
 nacenace2_5 |   .3207119   .5148709     0.62   0.534    -.6925596    1.333983
nacenace2_14 |  -.4217029   .4806531    -0.88   0.381    -1.367633    .5242275
nacenace2_15 |   .1586676   .7679825     0.21   0.836     -1.35273    1.670065
nacenace2_16 |  (dropped)
nacenace2_17 |  (dropped)
nacenace2_18 |  (dropped)
nacenace2_19 |  (dropped)
nacenace2_20 |  (dropped)
nacenace2_21 |    1.07671   .4951975     2.17   0.030      .102156    2.051264
nacenace2_22 |  (dropped)
nacenace2_23 |   .0559278   .4741667     0.12   0.906    -.8772375     .989093
nacenace2_24 |  -.0561084   .4678911    -0.12   0.905     -.976923    .8647063
nacenace2_25 |  -.0097317   .5350631    -0.02   0.986    -1.062742    1.043278
nacenace2_26 |  -.1102092   .6151038    -0.18   0.858     -1.32074    1.100322
nacenace2_27 |   .6784595   .4891613     1.39   0.166    -.2842151    1.641134
nacenace2_28 |   .0379239   .5959092     0.06   0.949    -1.134832     1.21068
nacenace2_29 |  -.2420716   .5237902    -0.46   0.644    -1.272896    .7887531
nacenace2_30 |  (dropped)
nacenace2_31 |  (dropped)
nacenace2_32 |  (dropped)
nacenace2_33 |   .1904086   .5958741     0.32   0.750     -.982278    1.363095
nacenace2_35 |  -.0596747    .473218    -0.13   0.900    -.9909728    .8716235
nacenace2_36 |   .6798011   .4963564     1.37   0.172    -.2970336    1.656636
nacenace2_37 |  -.5217343   .8190842    -0.64   0.525    -2.133701    1.090232
nacenace2_40 |    .357012   .5199869     0.69   0.493    -.6663279    1.380352
nacenace2_41 |  (dropped)
nacenace2_45 |   .1260888   .8563596     0.15   0.883    -1.559236    1.811414
nacenace2_50 |   .0717085   .4669256     0.15   0.878    -.8472061    .9906231
nacenace2_51 |   .2608544   .4629694     0.56   0.574    -.6502745    1.171983
nacenace2_52 |   .2289093   .5268152     0.43   0.664    -.8078687    1.265687
nacenace2_55 |  (dropped)
nacenace2_60 |  (dropped)
nacenace2_61 |  (dropped)
nacenace2_62 |  (dropped)
nacenace2_63 |   .8632773   .5986914     1.44   0.150    -.3149538    2.041508
nacenace2_64 |  (dropped)
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |   .3344487   .5794333     0.58   0.564    -.8058822     1.47478
nacenace2_71 |  (dropped)
nacenace2_72 |  (dropped)
nacenace2_73 |  (dropped)
nacenace2_74 |  -.1730639   .5323625    -0.33   0.745    -1.220759    .8746311
nacenace2_80 |  (dropped)
nacenace2_85 |  (dropped)
nacenace2_90 |   1.565046   .4979268     3.14   0.002     .5851205    2.544971
nacenace2_91 |  (dropped)
nacenace2_92 |  (dropped)
nacenace2_93 |  (dropped)
nacenace2_99 |  (dropped)
 nacenace2_1 |  -.5135246   .5314653    -0.97   0.335    -1.559454    .5324049
is_nis_na~_1 |   1.093222    .645418     1.69   0.091    -.1769676    2.363411
is_nis_na~_2 |  (dropped)
is_nis_na~_5 |   -.514562   .4948017    -1.04   0.299    -1.488337     .459213
is_nis_na~14 |   1.448649   .4303942     3.37   0.001     .6016282    2.295669
is_nis_na~15 |   .7091047   .7284387     0.97   0.331    -.7244705     2.14268
is_nis_na~16 |  (dropped)
is_nis_na~17 |  (dropped)
is_nis_na~18 |  (dropped)
is_nis_na~19 |  (dropped)
is_nis_na~20 |  (dropped)
is_nis_na~21 |   .6327493    .497373     1.27   0.204    -.3460862    1.611585
is_nis_na~22 |  (dropped)
is_nis_na~23 |    .034061   .4493075     0.08   0.940     -.850181    .9183031
is_nis_na~24 |   .4513309    .405957     1.11   0.267    -.3475967    1.250259
is_nis_na~25 |   .9778857   .4668866     2.09   0.037     .0590479    1.896723
is_nis_na~26 |   .4622339   .7057706     0.65   0.513    -.9267303    1.851198
is_nis_na~27 |   -1.89483   .4816846    -3.93   0.000     -2.84279   -.9468692
is_nis_na~28 |   1.079301   .8910556     1.21   0.227    -.6743062    2.832908
is_nis_na~29 |   1.020762   .5081723     2.01   0.045     .0206734    2.020851
is_nis_na~30 |  (dropped)
is_nis_na~31 |  (dropped)
is_nis_na~32 |  (dropped)
is_nis_na~33 |  (dropped)
is_nis_na~35 |   .1742289   .4174949     0.42   0.677    -.6474055    .9958634
is_nis_na~36 |   .5506141   .5040406     1.09   0.276    -.4413433    1.542571
is_nis_na~37 |   1.267756   .8764216     1.45   0.149    -.4570512    2.992563
is_nis_na~40 |  -.1034186   .4894377    -0.21   0.833    -1.066637       .8598
is_nis_na~41 |  (dropped)
is_nis_na~45 |  -1.437248   2.069142    -0.69   0.488    -5.509341    2.634844
is_nis_na~50 |    .508156   .4098332     1.24   0.216    -.2984001    1.314712
is_nis_na~51 |   .1239699   .4021985     0.31   0.758    -.6675612    .9155009
is_nis_na~52 |   .5882906   .4817017     1.22   0.223    -.3597035    1.536285
is_nis_na~55 |  (dropped)
is_nis_na~60 |  (dropped)
is_nis_na~61 |  (dropped)
is_nis_na~62 |  (dropped)
is_nis_na~63 |  (dropped)
is_nis_na~64 |  (dropped)
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |  (dropped)
is_nis_na~71 |  (dropped)
is_nis_na~72 |  (dropped)
is_nis_na~73 |  (dropped)
is_nis_na~74 |   .7493647    .547385     1.37   0.172    -.3278949    1.826624
is_nis_na~80 |  (dropped)
is_nis_na~85 |  (dropped)
is_nis_na~90 |  -.7603378   .4971452    -1.53   0.127    -1.738725    .2180494
is_nis_na~91 |  (dropped)
is_nis_na~92 |  (dropped)
is_nis_na~93 |  (dropped)
is_nis_na~99 |  (dropped)
       _cons |   -.026292   .5104845    -0.05   0.959    -1.030931     .978347
------------------------------------------------------------------------------

. *growth_rat~X |   .0185012   .0150148     1.23   0.219    -.0110481    .0480505
. *i_growth_r~X |  -.0033592    .024382    -0.14   0.891    -.0513433    .0446249
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' if  Other==1, cl
> uster(vat)

Linear regression                                      Number of obs =   28240
                                                       F(105,  1729) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0177
                                                       Root MSE      =  1.5069

                                 (Std. Err. adjusted for 1730 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |    .176515   .2383058     0.74   0.459     -.290883     .643913
      r_size |  -.0071225   .0630481    -0.11   0.910     -.130781     .116536
      r_prod |  -.0189766   .0431531    -0.44   0.660    -.1036144    .0656612
r_interm_s~e |   .0130263   .0451181     0.29   0.773    -.0754656    .1015182
r_share_ex~s |    .045208   .0615274     0.73   0.463     -.075468    .1658841
r_share_im~m |  -.1165336   .0474939    -2.45   0.014    -.2096852    -.023382
r_value_ad~n |   .0934574   .0672836     1.39   0.165    -.0385085    .2254232
r_ext_fin_~p |  -.1505361   .0451371    -3.34   0.001    -.2390651    -.062007
r_share_d~ve |  -.0337282   .0448511    -0.75   0.452    -.1216964    .0542399
r_share_d~ne |   .0685825   .0441581     1.55   0.121    -.0180263    .1551914
r_share_fi~t |  -.0446634   .0421731    -1.06   0.290     -.127379    .0380522
r_share_st~k |   .1197011   .0483685     2.47   0.013     .0248342    .2145679
         for |   .1014117   .0648582     1.56   0.118    -.0257971    .2286205
         mne |   .0347391   .0641683     0.54   0.588    -.0911166    .1605948
oecd_2008_~U |  -.2213833   .0822831    -2.69   0.007    -.3827682   -.0599985
no_EU_no_O~D |   .0219334   .0966604     0.23   0.821    -.1676503     .211517
ex_rate_ch~e |  -.1481634   .2515876    -0.59   0.556    -.6416114    .3452846
growth_rat~X |   .0213271   .0128963     1.65   0.098    -.0039668     .046621
Intermediate |  (dropped)
Capital_go~s |  (dropped)
Consumer_dur |  (dropped)
      Energy |  (dropped)
       Other |  (dropped)
frac_lib_d~g |  -.1843345   .0467373    -3.94   0.000    -.2760019    -.092667
    i_r_size |  -.0323862   .1017114    -0.32   0.750    -.2318765    .1671041
    i_r_prod |  -.0197818   .0626769    -0.32   0.752    -.1427123    .1031487
i_r_interm~e |  -.0914422     .06613    -1.38   0.167    -.2211454    .0382611
i_r_share_~s |  -.1186511   .0843825    -1.41   0.160    -.2841537    .0468515
i_r_share_~m |    .139646   .0660476     2.11   0.035     .0101045    .2691875
i_r_value_~n |  -.0061871   .1077682    -0.06   0.954    -.2175567    .2051826
i_r_ext_fi~p |   .1243855   .0603251     2.06   0.039     .0060676    .2427033
i_r_share~ve |   .0684336    .065227     1.05   0.294    -.0594986    .1963658
i_r_share~ne |   .0179589   .0640905     0.28   0.779    -.1077441    .1436618
i_r_share_~t |    .047631   .0616703     0.77   0.440    -.0733252    .1685872
i_r_share_~k |  -.0663964   .0694718    -0.96   0.339    -.2026541    .0698613
       i_for |  -.1250901   .0905238    -1.38   0.167    -.3026378    .0524575
       i_mne |  -.0751328   .1063758    -0.71   0.480    -.2837716     .133506
 i_oecd_2008 |    .320594   .1193971     2.69   0.007      .086416     .554772
i_no_EU_no~D |  -.0101825    .137208    -0.07   0.941    -.2792936    .2589287
i_ex_rate_~e |  -.2416776   .2743197    -0.88   0.378    -.7797109    .2963557
i_growth_r~X |   -.004771   .0153163    -0.31   0.755    -.0348114    .0252693
i_Intermed~e |  (dropped)
i_Capital_~s |  (dropped)
i_Consumer~r |  (dropped)
    i_Energy |  (dropped)
     i_Other |  (dropped)
i_frac_lib~g |   .1431327   .0718939     1.99   0.047     .0021245    .2841409
 nacenace2_2 |   1.003041   .2534209     3.96   0.000     .5059969    1.500084
 nacenace2_5 |   .6600047   .4182578     1.58   0.115    -.1603397    1.480349
nacenace2_14 |    .349335   .1602273     2.18   0.029     .0350753    .6635947
nacenace2_15 |  -.0726364   .2457822    -0.30   0.768     -.554698    .4094253
nacenace2_16 |   .5245177   .1872343     2.80   0.005      .157288    .8917473
nacenace2_17 |  -.0369052   .8049383    -0.05   0.963     -1.61566     1.54185
nacenace2_18 |  -.3093232   .8682647    -0.36   0.722    -2.012283    1.393636
nacenace2_19 |  -.3246459   .4701204    -0.69   0.490     -1.24671    .5974186
nacenace2_20 |    .043083   .3995668     0.11   0.914    -.7406021    .8267682
nacenace2_21 |  -.6945732   .2686586    -2.59   0.010    -1.221503   -.1676431
nacenace2_22 |   .0645351   .3206109     0.20   0.840    -.5642909    .6933612
nacenace2_23 |   .1257188   .2611393     0.48   0.630    -.3864633    .6379008
nacenace2_24 |   .0688316   .2892865     0.24   0.812    -.4985568    .6362199
nacenace2_25 |  -.1171407   .2536559    -0.46   0.644    -.6146454     .380364
nacenace2_26 |   -.131988   .3404742    -0.39   0.698    -.7997726    .5357966
nacenace2_27 |  -.1044993   .3358334    -0.31   0.756    -.7631818    .5541831
nacenace2_28 |  -.2867589   .2576888    -1.11   0.266    -.7921735    .2186556
nacenace2_29 |   -.124118   .2633784    -0.47   0.638    -.6406918    .3924558
nacenace2_30 |  -.3506496   .2906531    -1.21   0.228    -.9207182     .219419
nacenace2_31 |  -.8015544   .4222534    -1.90   0.058    -1.629736    .0266267
nacenace2_32 |  -.0376432   .2647404    -0.14   0.887    -.5568882    .4816019
nacenace2_33 |  -.2477166   .2807699    -0.88   0.378     -.798401    .3029677
nacenace2_35 |  -.0124219   .2515569    -0.05   0.961    -.5058099     .480966
nacenace2_36 |  -.2535641   .3024605    -0.84   0.402    -.8467911    .3396629
nacenace2_37 |  -.4628342    .250682    -1.85   0.065    -.9545061    .0288377
nacenace2_40 |  (dropped)
nacenace2_41 |  (dropped)
nacenace2_45 |  -.0921245   .2873322    -0.32   0.749    -.6556797    .4714308
nacenace2_50 |  -.3146158   .2547162    -1.24   0.217    -.8142001    .1849685
nacenace2_51 |  -.1445196   .2420213    -0.60   0.550    -.6192049    .3301657
nacenace2_52 |   .0275278   .2554709     0.11   0.914    -.4735368    .5285923
nacenace2_55 |  -.4794845   .4175862    -1.15   0.251    -1.298512    .3395427
nacenace2_60 |  -.3164939   .2589172    -1.22   0.222    -.8243178      .19133
nacenace2_61 |  (dropped)
nacenace2_62 |  (dropped)
nacenace2_63 |  -.2194339   .3508078    -0.63   0.532    -.9074863    .4686184
nacenace2_64 |  -.4046965   .3259919    -1.24   0.215    -1.044076    .2346835
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |   1.014943    .254253     3.99   0.000     .5162675    1.513619
nacenace2_71 |  -.6019727   .2580323    -2.33   0.020    -1.108061   -.0958844
nacenace2_72 |  -.3654356    .265368    -1.38   0.169    -.8859117    .1550404
nacenace2_73 |   .1133967   .2398138     0.47   0.636    -.3569588    .5837523
nacenace2_74 |  -.3138213   .2610497    -1.20   0.229    -.8258277    .1981851
nacenace2_80 |  (dropped)
nacenace2_85 |  (dropped)
nacenace2_90 |  -.4709542   .9232464    -0.51   0.610    -2.281752    1.339843
nacenace2_91 |    .101847    .244635     0.42   0.677    -.3779646    .5816586
nacenace2_92 |  -.3900797   .3744116    -1.04   0.298    -1.124427    .3442676
nacenace2_93 |  (dropped)
nacenace2_99 |  (dropped)
 nacenace2_1 |  -.0251005   .2488783    -0.10   0.920    -.5132348    .4630338
is_nis_na~_1 |  -.3800625   .2184862    -1.74   0.082    -.8085875    .0484625
is_nis_na~_2 |  -2.116887   .2353306    -9.00   0.000     -2.57845   -1.655325
is_nis_na~_5 |  -1.234927   .4261287    -2.90   0.004    -2.070709   -.3991455
is_nis_na~14 |  (dropped)
is_nis_na~15 |  -.2098084   .2160878    -0.97   0.332    -.6336293    .2140126
is_nis_na~16 |  (dropped)
is_nis_na~17 |  -1.004414   1.131271    -0.89   0.375    -3.223219     1.21439
is_nis_na~18 |  -.0301854   .9179871    -0.03   0.974    -1.830667    1.770297
is_nis_na~19 |   .0678266   .5110402     0.13   0.894    -.9344954    1.070149
is_nis_na~20 |  -.1478248   .4606832    -0.32   0.748     -1.05138    .7557303
is_nis_na~21 |   .8145175   .2423011     3.36   0.001     .3392834    1.289752
is_nis_na~22 |  -.7191923   .3457818    -2.08   0.038    -1.397387   -.0409976
is_nis_na~23 |  (dropped)
is_nis_na~24 |  -.6390398   .3294145    -1.94   0.053    -1.285133    .0070531
is_nis_na~25 |  -.5570541   .2385756    -2.33   0.020    -1.024981    -.089127
is_nis_na~26 |  -.5218821   .3379024    -1.54   0.123    -1.184623    .1408583
is_nis_na~27 |  -.9790877    .407047    -2.41   0.016    -1.777444   -.1807313
is_nis_na~28 |  -.3598126   .2229362    -1.61   0.107    -.7970656    .0774404
is_nis_na~29 |  -.4393089    .284765    -1.54   0.123     -.997829    .1192112
is_nis_na~30 |  -.3265127   .3189303    -1.02   0.306    -.9520424    .2990171
is_nis_na~31 |   .6208264   .7842271     0.79   0.429    -.9173072     2.15896
is_nis_na~32 |  -.6655784   .2533248    -2.63   0.009    -1.162434   -.1687231
is_nis_na~33 |  -.0895566   .2858913    -0.31   0.754    -.6502857    .4711725
is_nis_na~35 |  -.4158586   .2216719    -1.88   0.061    -.8506319    .0189147
is_nis_na~36 |  -.4789582   .3224101    -1.49   0.138    -1.111313    .1533967
is_nis_na~37 |  -.2318629   .2149116    -1.08   0.281    -.6533769    .1896511
is_nis_na~40 |  (dropped)
is_nis_na~41 |  (dropped)
is_nis_na~45 |  -.8175554   .3300827    -2.48   0.013    -1.464959    -.170152
is_nis_na~50 |   -.157428   .2302998    -0.68   0.494    -.6091235    .2942676
is_nis_na~51 |  -.2904918   .1985564    -1.46   0.144    -.6799277    .0989442
is_nis_na~52 |  -.3064959   .2508837    -1.22   0.222    -.7985635    .1855716
is_nis_na~55 |   .3546974   .4982141     0.71   0.477    -.6224683    1.331863
is_nis_na~60 |  -.3416868   .2597961    -1.32   0.189    -.8512345    .1678608
is_nis_na~61 |  (dropped)
is_nis_na~62 |  (dropped)
is_nis_na~63 |   .0054772   .4448721     0.01   0.990    -.8670669    .8780212
is_nis_na~64 |   .0622831   .4949254     0.13   0.900    -.9084324    1.032999
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .1410686   .2359736     0.60   0.550    -.3217552    .6038925
is_nis_na~71 |   .0303698   .2943503     0.10   0.918    -.5469502    .6076899
is_nis_na~72 |  -.1580435   .2590919    -0.61   0.542    -.6662101    .3501231
is_nis_na~73 |    -.07051   .1979046    -0.36   0.722    -.4586676    .3176475
is_nis_na~74 |  -.1731832    .240546    -0.72   0.472    -.6449751    .2986086
is_nis_na~80 |  (dropped)
is_nis_na~85 |  (dropped)
is_nis_na~90 |  (dropped)
is_nis_na~91 |   .7910968   .2139612     3.70   0.000     .3714468    1.210747
is_nis_na~92 |  -.0850302   .4241848    -0.20   0.841    -.9169996    .7469392
is_nis_na~93 |  (dropped)
is_nis_na~99 |  (dropped)
       _cons |   .1755153   .2610611     0.67   0.501    -.3365135    .6875441
------------------------------------------------------------------------------

. *growth_rat~X |   .0213271   .0128963     1.65   0.098    -.0039668     .046621
. *i_growth_r~X |   -.004771   .0153163    -0.31   0.755    -.0348114    .0252693
. 
. 
. 
. 
. *Non linearities in GDP growth
. gen growth_rate_X2=growth_rate_X^2
(441415 missing values generated)

. gen growth_rate_X3=growth_rate_X^3
(441415 missing values generated)

. 
. gen i_growth_rate_X2=i_growth_rate_X^2
(441415 missing values generated)

. gen i_growth_rate_X3=i_growth_rate_X^3
(441415 missing values generated)

. 
. local instruct "tex tdec(4) rdec(4) auto(4) bdec (4) symbol($^a$,$^b$,$^c$)  se"

. local firm_var " r_size r_prod  r_interm_share  r_share_exp_sales  r_share_imp_interm r_valu
> e_add_chain r_ext_fin_dep r_share_debts_o_passive r_share_debts_due_after_one r_share_fin_de
> bt r_share_stock for mne"

. local prod_var " Intermediate Capital_goods Consumer_dur  Energy Other  frac_lib_diff_orig "

. local country_var " oecd_2008 no_EU_no_OECD  ex_rate_change growth_rate_X growth_rate_X2 gro
> wth_rate_X3"

. local inter "i_*"

. local dummies "  nacenace2_*  is_nis_nace_*"

. 
. 
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies', cluster(vat)

Linear regression                                      Number of obs =  400626
                                                       F(139,  7639) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0105
                                                       Root MSE      =  1.4065

                                 (Std. Err. adjusted for 7640 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.2992009   .1262294    -2.37   0.018    -.5466452   -.0517565
      r_size |   .0368006   .0192413     1.91   0.056    -.0009176    .0745189
      r_prod |   .0101084   .0166836     0.61   0.545     -.022596    .0428128
r_interm_s~e |   .0032654   .0161155     0.20   0.839    -.0283254    .0348562
r_share_ex~s |  -.0100028   .0223511    -0.45   0.655    -.0538171    .0338115
r_share_im~m |  -.0511686   .0186694    -2.74   0.006    -.0877659   -.0145714
r_value_ad~n |   .0305915   .0255653     1.20   0.232    -.0195236    .0807065
r_ext_fin_~p |  -.0350713   .0208631    -1.68   0.093    -.0759686    .0058261
r_share_d~ve |  -.0167537   .0182446    -0.92   0.358    -.0525182    .0190108
r_share_d~ne |    .010234   .0173187     0.59   0.555    -.0237154    .0441835
r_share_fi~t |   .0209314   .0203715     1.03   0.304    -.0190022    .0608651
r_share_st~k |   .0098964   .0167184     0.59   0.554    -.0228764    .0426691
         for |   .0178927    .023794     0.75   0.452      -.02875    .0645355
         mne |   .0107191   .0278607     0.38   0.700    -.0438955    .0653338
oecd_2008_~U |  -.1534615    .020616    -7.44   0.000    -.1938746   -.1130484
no_EU_no_O~D |  -.0808665   .0284361    -2.84   0.004    -.1366089    -.025124
ex_rate_ch~e |  -.2830235   .0693818    -4.08   0.000    -.4190309   -.1470161
growth_rat~X |  -.0029079   .0121735    -0.24   0.811    -.0267713    .0209555
growth_rat~2 |   .0041407    .002098     1.97   0.048      .000028    .0082534
growth_rat~3 |  -.0002329   .0000994    -2.34   0.019    -.0004277   -.0000381
Intermediate |   .0123966    .013319     0.93   0.352    -.0137123    .0385055
Capital_go~s |  -.0058065   .0197184    -0.29   0.768      -.04446     .032847
Consumer_dur |  -.0170965   .0295957    -0.58   0.564    -.0751122    .0409192
      Energy |   .0943006   .0406637     2.32   0.020     .0145885    .1740126
       Other |   .0149497   .0235691     0.63   0.526    -.0312522    .0611517
frac_lib_d~g |  -.0349743    .013509    -2.59   0.010    -.0614557   -.0084929
    i_r_size |   -.029707   .0317612    -0.94   0.350    -.0919676    .0325536
    i_r_prod |  -.0083153   .0246495    -0.34   0.736    -.0566352    .0400045
i_r_interm~e |  -.0198464    .024261    -0.82   0.413    -.0674045    .0277118
i_r_share_~s |  -.0207736   .0356742    -0.58   0.560    -.0907048    .0491576
i_r_share_~m |    .061196   .0278956     2.19   0.028      .006513     .115879
i_r_value_~n |  -.0145652   .0385538    -0.38   0.706    -.0901413    .0610108
i_r_ext_fi~p |   .0201315   .0264063     0.76   0.446    -.0316321    .0718951
i_r_share~ve |   -.017319   .0281898    -0.61   0.539    -.0725787    .0379408
i_r_share~ne |   .0457719   .0215974     2.12   0.034     .0034351    .0881087
i_r_share_~t |   -.066893   .0237356    -2.82   0.005    -.1134214   -.0203646
i_r_share_~k |   .0246459   .0242753     1.02   0.310    -.0229403    .0722321
       i_for |  -.0441003   .0345846    -1.28   0.202    -.1118956     .023695
       i_mne |  -.0238772   .0377023    -0.63   0.527     -.097784    .0500297
 i_oecd_2008 |   .2737399   .0360825     7.59   0.000     .2030082    .3444716
i_no_EU_no~D |    .133696   .0407602     3.28   0.001     .0537948    .2135973
i_ex_rate_~e |  -.1939098   .0867157    -2.24   0.025    -.3638964   -.0239233
i_growth_r~X |   .0244395   .0122999     1.99   0.047     .0003283    .0485506
i_Intermed~e |  -.0479907   .0215107    -2.23   0.026    -.0901576   -.0058238
i_Capital_~s |  -.0730907   .0312451    -2.34   0.019    -.1343396   -.0118417
i_Consumer~r |  -.1134883   .0433784    -2.62   0.009    -.1985219   -.0284547
    i_Energy |  -.1318724   .0658223    -2.00   0.045    -.2609021   -.0028426
     i_Other |  -.0579561    .033713    -1.72   0.086    -.1240429    .0081306
i_frac_lib~g |   .0526044   .0189423     2.78   0.005     .0154724    .0897365
i_growth_r~2 |    -.00545   .0021297    -2.56   0.011    -.0096248   -.0012751
i_growth_r~3 |   .0002622   .0001081     2.43   0.015     .0000503    .0004741
 nacenace2_2 |  -.1180711   .1319822    -0.89   0.371    -.3767925    .1406504
 nacenace2_5 |   .1295194   .0686483     1.89   0.059    -.0050501    .2640888
nacenace2_14 |   .0095938   .0708251     0.14   0.892    -.1292429    .1484305
nacenace2_15 |   .0112777   .0534104     0.21   0.833    -.0934215    .1159768
nacenace2_16 |   .2361522    .200966     1.18   0.240    -.1577962    .6301007
nacenace2_17 |  -.1613561   .0532014    -3.03   0.002    -.2656455   -.0570667
nacenace2_18 |  -.0589203   .0730395    -0.81   0.420    -.2020978    .0842573
nacenace2_19 |  -.0823004   .0637564    -1.29   0.197    -.2072804    .0426796
nacenace2_20 |  -.1186681   .0644773    -1.84   0.066    -.2450613    .0077252
nacenace2_21 |  -.0878598   .0651524    -1.35   0.178    -.2155764    .0398567
nacenace2_22 |  -.0878298   .0711455    -1.23   0.217    -.2272946     .051635
nacenace2_23 |  -.0210637   .0591168    -0.36   0.722    -.1369489    .0948214
nacenace2_24 |   -.079242   .0570743    -1.39   0.165    -.1911233    .0326393
nacenace2_25 |  -.0592618   .0516767    -1.15   0.252    -.1605623    .0420387
nacenace2_26 |  -.0367581     .05761    -0.64   0.523    -.1496895    .0761733
nacenace2_27 |   .0151125   .0598403     0.25   0.801    -.1021911     .132416
nacenace2_28 |   -.051682   .0520744    -0.99   0.321    -.1537621    .0503981
nacenace2_29 |    .035412   .0689498     0.51   0.608    -.0997484    .1705725
nacenace2_30 |  -.2207289   .0848339    -2.60   0.009    -.3870266   -.0544312
nacenace2_31 |  -.1142883   .0834872    -1.37   0.171     -.277946    .0493695
nacenace2_32 |  -.1798993   .1710801    -1.05   0.293    -.5152633    .1554646
nacenace2_33 |  -.0636427   .0686679    -0.93   0.354    -.1982507    .0709652
nacenace2_35 |  -.1066961   .1005832    -1.06   0.289    -.3038668    .0904746
nacenace2_36 |  -.0892412   .0633666    -1.41   0.159    -.2134572    .0349749
nacenace2_37 |  -.0842348    .073319    -1.15   0.251    -.2279602    .0594906
nacenace2_40 |   .7936725   .4414223     1.80   0.072    -.0716364    1.658981
nacenace2_41 |   .8968946   .1050193     8.54   0.000     .6910279    1.102761
nacenace2_45 |  -.1612871   .0969204    -1.66   0.096    -.3512777    .0287035
nacenace2_50 |  -.1146832   .0720007    -1.59   0.111    -.2558243     .026458
nacenace2_51 |  -.0392343   .0511478    -0.77   0.443    -.1394981    .0610295
nacenace2_52 |  -.0074703   .0664235    -0.11   0.910    -.1376786     .122738
nacenace2_55 |  -.0705506   .0838975    -0.84   0.400    -.2350127    .0939116
nacenace2_60 |   .0982761   .1920454     0.51   0.609    -.2781857    .4747379
nacenace2_61 |  (dropped)
nacenace2_62 |    1.74191   .0706573    24.65   0.000     1.603403    1.880418
nacenace2_63 |  -.0311831   .1017074    -0.31   0.759    -.2305576    .1681914
nacenace2_64 |  -.2050437   .1587627    -1.29   0.197    -.5162621    .1061747
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.4866874   .1733652    -2.81   0.005    -.8265307   -.1468441
nacenace2_71 |  -.0080154   .1256297    -0.06   0.949    -.2542841    .2382532
nacenace2_72 |  -.1024744   .0950675    -1.08   0.281    -.2888329     .083884
nacenace2_73 |   .0811819   .0813585     1.00   0.318    -.0783032    .2406669
nacenace2_74 |  -.1939956   .0667188    -2.91   0.004    -.3247827   -.0632086
nacenace2_80 |  (dropped)
nacenace2_85 |  -1.276602   .9763154    -1.31   0.191    -3.190449    .6372439
nacenace2_90 |  -.0534426     .18483    -0.29   0.772    -.4157601     .308875
nacenace2_91 |   .4982996   .0570835     8.73   0.000     .3864002    .6101989
nacenace2_92 |  -.0112761     .24195    -0.05   0.963    -.4855646    .4630124
nacenace2_93 |  -.3003353    .055476    -5.41   0.000    -.4090834   -.1915871
nacenace2_99 |  (dropped)
 nacenace2_1 |   .1290119   .0766306     1.68   0.092    -.0212052     .279229
is_nis_na~_1 |   .0669001   .1388762     0.48   0.630    -.2053354    .3391355
is_nis_na~_2 |   .2124396   .3709468     0.57   0.567     -.514718    .9395972
is_nis_na~_5 |  -.0167153   .1402476    -0.12   0.905    -.2916392    .2582085
is_nis_na~14 |   .0646282    .134604     0.48   0.631    -.1992325    .3284889
is_nis_na~15 |   .2642729    .111115     2.38   0.017     .0464569    .4820889
is_nis_na~16 |  -.0110991   .3227528    -0.03   0.973    -.6437833     .621585
is_nis_na~17 |   .1323625   .1122187     1.18   0.238    -.0876169     .352342
is_nis_na~18 |   .2302738   .1313547     1.75   0.080    -.0272174    .4877651
is_nis_na~19 |   .1126389   .1256677     0.90   0.370    -.1337043    .3589821
is_nis_na~20 |   .1755858   .1246434     1.41   0.159    -.0687494    .4199211
is_nis_na~21 |   .1681942   .1144967     1.47   0.142    -.0562509    .3926392
is_nis_na~22 |   .2355541   .1303346     1.81   0.071    -.0199375    .4910457
is_nis_na~23 |   .1101406   .1537849     0.72   0.474      -.19132    .4116013
is_nis_na~24 |   .2430859   .1138312     2.14   0.033     .0199455    .4662264
is_nis_na~25 |   .0793395    .113134     0.70   0.483    -.1424342    .3011133
is_nis_na~26 |   .0238018   .1213439     0.20   0.844    -.2140655    .2616691
is_nis_na~27 |  -.2483062   .1151793    -2.16   0.031    -.4740893   -.0225231
is_nis_na~28 |   .1067792    .110681     0.96   0.335     -.110186    .3237445
is_nis_na~29 |   .0638383    .117088     0.55   0.586    -.1656864     .293363
is_nis_na~30 |   .0904107   .1474656     0.61   0.540    -.1986623    .3794837
is_nis_na~31 |   .2770659   .1552454     1.78   0.074    -.0272577    .5813895
is_nis_na~32 |   .2352653   .2889612     0.81   0.416     -.331178    .8017086
is_nis_na~33 |   .1198065   .1379805     0.87   0.385    -.1506731    .3902862
is_nis_na~35 |   .5549353   .1827831     3.04   0.002     .1966303    .9132404
is_nis_na~36 |   .1959004   .1183458     1.66   0.098    -.0360899    .4278908
is_nis_na~37 |   .0477807   .1339742     0.36   0.721    -.2148456    .3104069
is_nis_na~40 |  -.6918184    .458524    -1.51   0.131    -1.590651    .2070145
is_nis_na~41 |  (dropped)
is_nis_na~45 |   .1230312   .1645276     0.75   0.455    -.1994881    .4455506
is_nis_na~50 |   .3505403   .1286416     2.72   0.006     .0983675    .6027132
is_nis_na~51 |   .2243762   .1082602     2.07   0.038     .0121565     .436596
is_nis_na~52 |    .268826   .1343927     2.00   0.046     .0053794    .5322726
is_nis_na~55 |   .2935046   .1562489     1.88   0.060    -.0127862    .5997954
is_nis_na~60 |   .0539593   .3180058     0.17   0.865    -.5694194     .677338
is_nis_na~61 |  (dropped)
is_nis_na~62 |   -.576403   .1261456    -4.57   0.000     -.823683   -.3291229
is_nis_na~63 |   .3943419   .1862141     2.12   0.034     .0293111    .7593727
is_nis_na~64 |   .5457461   .1538438     3.55   0.000       .24417    .8473222
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .5669884   .1792059     3.16   0.002     .2156957    .9182812
is_nis_na~71 |  -.0014331   .1878205    -0.01   0.994    -.3696128    .3667466
is_nis_na~72 |   .1616175   .1672983     0.97   0.334    -.1663331    .4895681
is_nis_na~73 |    .444084   .1303878     3.41   0.001      .188488    .6996799
is_nis_na~74 |   .3623289   .1285208     2.82   0.005     .1103928    .6142651
is_nis_na~80 |  (dropped)
is_nis_na~85 |   2.758827   1.361201     2.03   0.043     .0904983    5.427155
is_nis_na~90 |  -.2077897   .2961992    -0.70   0.483    -.7884214    .3728419
is_nis_na~91 |  -.2842901   .1114589    -2.55   0.011    -.5027802      -.0658
is_nis_na~92 |  -.0319935   .3546057    -0.09   0.928    -.7271181     .663131
is_nis_na~93 |   .8452283   .2502325     3.38   0.001     .3547038    1.335753
is_nis_na~99 |  (dropped)
       _cons |   .0241002   .0728186     0.33   0.741    -.1186442    .1668445
------------------------------------------------------------------------------

. 
. /*
> growth_rat~X |  -.0029079   .0121735    -0.24   0.811    -.0267713    .0209555
> growth_rat~2 |   .0041407    .002098     1.97   0.048      .000028    .0082534
> growth_rat~3 |  -.0002329   .0000994    -2.34   0.019    -.0004277   -.0000381
> 
> i_growth_r~X |   .0244395   .0122999     1.99   0.047     .0003283    .0485506
> i_growth_r~2 |    -.00545   .0021297    -2.56   0.011    -.0096248   -.0012751
> i_growth_r~3 |   .0002622   .0001081     2.43   0.015     .0000503    .0004741
> 
> *fai un grafico della funzione di export growth su gdp growth prima e dopo la crisi (plot se
> mplice dopo aver fatto predict a aggregato all dimensione paese-year)
> . su  growth_rate_X if year==2007
>     Variable |       Obs        Mean    Std. Dev.       Min        Max
> -------------+--------------------------------------------------------
> growth_rat~X |    390373    3.054759    2.301804    -10.485    17.5065
> . su  growth_rate_X if year==2008
> 
>     Variable |       Obs        Mean    Std. Dev.       Min        Max
> -------------+--------------------------------------------------------
> growth_rat~X |    426847   -.6293851    2.874101   -11.2955     13.931
> */
. 
. drop if year==2009
(430000 observations deleted)

. collapse (mean) growth_rate_X, by(iso2 year) 

. gen exp_growth_07_08= 100*( (growth_rate_X)*-.0029079+ (growth_rate_X^2)*.0041407 + (growth_
> rate_X^3)*-.0002329)
(101 missing values generated)

. gen exp_growth_08_09=exp_growth_07_08+ 100*((growth_rate_X)*.0244395 + (growth_rate_X^2)*-.0
> 0545+ (growth_rate_X^3)*.0002622)
(101 missing values generated)

. drop if  growth_rate_X<-8 & year==2007
(1 observation deleted)

. drop if  growth_rate_X<-10
(1 observation deleted)

. drop if  growth_rate_X>10
(112 observations deleted)

. 
. twoway (scatter exp_growth_07_08 growth_rate_X if year==2007) (scatter exp_growth_08_09 grow
> th_rate_X if year==2008) (line growth_rate_X growth_rate_X)

. graph save Graph Results\Graph.gph, replace
(file Results\Graph.gph saved)

. 
. *********************************
. ******Now look at imports********
. *********************************
. 
. 
. use single_step_07_08.dta, clear

. drop if year==2008
(1524695 observations deleted)

. append using single_step_08_09.dta

. keep if flow=="IMP"
(1938071 observations deleted)

. gen HS4=substr(code, 1,4)

. drop code

. collapse (sum)  weight units value (mean) EU, by( year vat land HS4)

. tostring  vat, generate (vat_string)
vat_string generated as str9

. egen fake_ID=concat(vat_string land HS4)

. 
. preserve

. 
. collapse(mean)  value, by( fake_ID)

. sort  fake_ID

. gen pippo=1

. gen fake_ID_number=sum( pippo)

. keep  fake_ID fake_ID_number

. sort fake_ID

. save fake_ID.dta, replace
file fake_ID.dta saved

. 
. restore

. 
. sort fake_ID

. merge fake_ID using fake_ID.dta
variable fake_ID does not uniquely identify observations in the master data

. drop  vat_string fake_ID _merge

. 
. save single_step.dta, replace
file single_step.dta saved

. 
. ****************************************************
. 
. use single_step.dta, clear

. keep if year==2007
(1119788 observations deleted)

. 
. * Now add firm information 07-08
. 
. sort vat 

. merge vat using Data\firm_data_07_08.dta
variable vat does not uniquely identify observations in the master data
variable vat does not uniquely identify observations in Data\firm_data_07_08.dta

. drop if _merge==2
(11260 observations deleted)

. drop _merge

. 
. save temp.dta, replace
(note: file temp.dta not found)
file temp.dta saved

. 
. use single_step.dta, clear

. drop if year==2007
(494451 observations deleted)

. 
. * Now add firm information 08-09
. 
. sort vat 

. merge vat using Data\firm_data.dta
variable vat does not uniquely identify observations in the master data
variable vat does not uniquely identify observations in Data\firm_data.dta

. drop if _merge==2
(5976 observations deleted)

. drop _merge

. 
. append using temp.dta

. erase temp.dta

. 
. * Now add country information
. 
. sort land

. merge land using Data\OECD_2008.dta
variable land does not uniquely identify observations in the master data

. drop if _merge==2
(18 observations deleted)

. replace  oecd_2008=0 if  oecd_2008==.
(794 real changes made)

. drop _merge

. replace oecd_2008=0 if EU==1
(1221189 real changes made)

. rename oecd_2008 oecd_2008_no_EU

. rename land iso2

. sort iso2

. merge iso2 using  C:\NBB\Projects\ECB\Data\Exchange_rate_change_new.dta
variable iso2 does not uniquely identify observations in the master data

. drop if _merge==2
(17 observations deleted)

. drop _merge

. sort iso2

. merge iso2 using C:\NBB\Projects\ECB\Data\GDP_const_price_g_rate.dta
variable iso2 does not uniquely identify observations in the master data

. drop if _merge==2
(5 observations deleted)

. drop _merge

. gen growth_rate_X=.
(1614239 missing values generated)

. replace growth_rate_X=(growth_rate_08+growth_rate_07)/2 if year==2007
(494135 real changes made)

. replace growth_rate_X=(growth_rate_09+growth_rate_08)/2 if year==2008
(559634 real changes made)

. gen ex_rate_change=.
(1614239 missing values generated)

. replace ex_rate_change=change2 if year==2007
(494343 real changes made)

. replace ex_rate_change=change3 if year==2008
(560131 real changes made)

. 
. 
. * Now add product information
. 
. rename HS4  CN4_2008

. sort   CN4_2008

. merge  CN4_2008 using Data\cn_2008_cpa_2002.dta
variable CN4_2008 does not uniquely identify observations in the master data

. drop if _merge==2
(8 observations deleted)

. replace Other=1 if _merge==1
(1767 real changes made)

. recode Intermediate Capital_goods Consumer_dur Consumer_n_dur Energy (.=0) if _merge==1
(Intermediate: 1767 changes made)
(Capital_goods: 1767 changes made)
(Consumer_dur: 1767 changes made)
(Consumer_n_dur: 1767 changes made)
(Energy: 1767 changes made)

. drop _merge

. 
. rename  CN4_2008 HS4

. sort HS4

. merge HS4 using "C:\NBB\Projects\ECB\Data\Contractibility_HS4.dta",
variable HS4 does not uniquely identify observations in the master data

. drop if _merge==2
(50 observations deleted)

. drop _merge

. su

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
        year |   1614239     2008.04    .8070332       2007       2009
         vat |   1614239    4.78e+08    1.41e+08   1.00e+08   1.00e+09
        iso2 |         0
         HS4 |         0
      weight |   1614239      179267    1.59e+07          0   7.56e+09
-------------+--------------------------------------------------------
       units |   1614239    12774.82    684923.9          0   2.99e+08
       value |   1614239    171469.3     6861791        .01   3.53e+09
          EU |   1614239    .7794026    .4146496          0          1
fake_ID_nu~r |   1614239    452627.3    266229.7          1     937307
       nace2 |   1454035    44.12098    15.08297          1         99
-------------+--------------------------------------------------------
      r_size |   1390227    .8142282    .3889226          0          1
      r_prod |   1390173    .5617099    .4961774          0          1
        r_ci |   1382428    .4860108    .4998044          0          1
   r_skill_i |   1390227    .6652726    .4718952          0          1
r_share_ex~s |   1448340    .4007284    .4900462          0          1
-------------+--------------------------------------------------------
r_share_im~m |   1449934    .6148535    .4866301          0          1
r_value_ad~n |   1448340    .4883563    .4998646          0          1
r_interm_s~e |   1448224    .5355387    .4987356          0          1
r_share_d~ve |   1438399    .4378834    .4961267          0          1
r_share_d~ne |   1438402    .5025215    .4999938          0          1
-------------+--------------------------------------------------------
r_share_fi~t |   1437191     .514583    .4997875          0          1
r_share_st~k |   1357273    .4823797    .4996896          0          1
r_ext_fin_~p |   1358059    .4316425    .4953054          0          1
         for |   1454268    .1886936    .3912651          0          1
         mne |   1454268    .1210808    .3262213          0          1
-------------+--------------------------------------------------------
oecd_2008_~U |   1614239    .1074104    .3096344          0          1
     change1 |   1613790   -.0383739    .2047612  -.9998885   .4896546
     change2 |   1613790    .0274008    .0614566  -.9583697   1.473746
     change3 |   1613899   -.0057231    .0791141   -.226007   .7071173
growth_ra~07 |   1612706    3.641776     2.51893     -6.915     23.383
-------------+--------------------------------------------------------
growth_ra~08 |   1612706    1.609263    2.208947    -14.055     16.395
growth_ra~09 |   1612706   -3.204152    3.276474      -18.5     15.657
growth_rat~X |   1053769    .7613245    2.897687   -11.2955    17.5065
ex_rate_ch~e |   1054474    .0065807    .0718825  -.9583697   1.473746
   CPA3_2002 |         0
-------------+--------------------------------------------------------
   CPA2_2002 |         0
Intermediate |   1614239    .4435533    .4968037          0          1
Capital_go~s |   1614239    .1799083    .3841112          0          1
Consumer_dur |   1614239    .0428332    .2024809          0          1
Consumer_n~r |   1614239    .2612215    .4393005          0          1
-------------+--------------------------------------------------------
      Energy |   1614239    .0040093    .0631921          0          1
       Other |   1614239    .0684744    .2525583          0          1
frac_lib_d~g |   1507111    .7873461    .4091849          0          1
frac_lib_n~g |   1507111    .9650105    .1837531          0          1
frac_con_d~g |   1507111    .8248324    .3801105          0          1
-------------+--------------------------------------------------------
frac_con_n~g |   1507111    .9776254    .1478986          0          1

. 
. drop change1 change2 change3 growth_rate_07 growth_rate_08 growth_rate_09 weight units CPA3_
> 2002 CPA2_2002  frac_con_diff_orig frac_con_not_homog_orig

. 
. recode r* for mne   oecd_2008_no_EU EU Intermediate Capital_goods Consumer_dur Consumer_n_du
> r Energy Other  frac_lib_diff_orig frac_lib_not_homog_orig( 0=.) if year==2009
(r_size: 91108 changes made)
(r_prod: 204201 changes made)
(r_ci: 242101 changes made)
(r_skill_i: 159730 changes made)
(r_share_exp_sales: 300313 changes made)
(r_share_imp_interm: 194870 changes made)
(r_value_add_chain: 259617 changes made)
(r_interm_share: 230753 changes made)
(r_share_debts_o_passive: 278162 changes made)
(r_share_debts_due_after_one: 245822 changes made)
(r_share_fin_debt: 240781 changes made)
(r_share_stock: 238887 changes made)
(r_ext_fin_dep: 267651 changes made)
(for: 407899 changes made)
(mne: 441440 changes made)
(oecd_2008_no_EU: 488866 changes made)
(EU: 143604 changes made)
(Intermediate: 314190 changes made)
(Capital_goods: 458857 changes made)
(Consumer_dur: 535531 changes made)
(Consumer_n_dur: 411094 changes made)
(Energy: 557254 changes made)
(Other: 520724 changes made)
(frac_lib_diff_orig: 107992 changes made)
(frac_lib_not_homog_orig: 17707 changes made)

. recode r* for mne   oecd_2008_no_EU EU Intermediate Capital_goods Consumer_dur Consumer_n_du
> r Energy Other  frac_lib_diff_orig frac_lib_not_homog_orig( 1=.) if year==2009
(r_size: 384148 changes made)
(r_prod: 271030 changes made)
(r_ci: 230713 changes made)
(r_skill_i: 315526 changes made)
(r_share_exp_sales: 196474 changes made)
(r_share_imp_interm: 302898 changes made)
(r_value_add_chain: 237170 changes made)
(r_interm_share: 265962 changes made)
(r_share_debts_o_passive: 216306 changes made)
(r_share_debts_due_after_one: 248648 changes made)
(r_share_fin_debt: 253165 changes made)
(r_share_stock: 223628 changes made)
(r_ext_fin_dep: 195641 changes made)
(for: 92172 changes made)
(mne: 58631 changes made)
(oecd_2008_no_EU: 70664 changes made)
(EU: 415926 changes made)
(Intermediate: 245340 changes made)
(Capital_goods: 100673 changes made)
(Consumer_dur: 23999 changes made)
(Consumer_n_dur: 148436 changes made)
(Energy: 2276 changes made)
(Other: 38806 changes made)
(frac_lib_diff_orig: 414507 changes made)
(frac_lib_not_homog_orig: 504792 changes made)

. replace nace2=. if year==2009
(499936 real changes made, 499936 to missing)

. 
. save single_step_estim.dta, replace
file single_step_estim.dta saved

. 
. ****************************
. 
. use single_step_estim.dta, clear

. 
. * Now add industry dummies
. 
. xi i.nace2, pre(nace)
i.nace2           nacenace2_1-99      (naturally coded; nacenace2_1 omitted)

. gen  nacenace2_1=0

. replace  nacenace2_1=1 if nace2==1
(3949 real changes made)

. drop nacenace2_34

. *we take automobile as reference
. 
. xtset  fake_ID_number year
       panel variable:  fake_ID_number (unbalanced)
        time variable:  year, 2007 to 2009, but with gaps
                delta:  1 unit

. 
. gen pippo=log(f1.value)-log(value)
(966189 missing values generated)

. *pippo is the log change in "continuing transactions" values, i.e. triplets of firm-country-
> HS4 product trade that are registed in both 2008 and 2009
. 
. 
. *Has the decrease be equal across continuing transactions of different size?
. su pippo if year==2007, de 

                            pippo
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -4.332611      -12.31501
 5%    -2.339736      -12.26869
10%    -1.546351      -11.89633       Obs              316069
25%    -.6074185       -11.2321       Sum of Wgt.      316069

50%            0                      Mean           -.036412
                        Largest       Std. Dev.      1.408412
75%      .559177       11.31142
90%     1.419394       11.46774       Variance       1.983624
95%     2.160611       11.68023       Skewness      -.1968113
99%      4.00338       13.45099       Kurtosis       7.757609

. su pippo if year==2008, de 

                            pippo
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -4.476369      -12.40778
 5%    -2.509717       -12.3112
10%    -1.727941      -12.02739       Obs              331981
25%    -.7816402      -11.89207       Sum of Wgt.      331981

50%    -.1195452                      Mean          -.1546137
                        Largest       Std. Dev.      1.458847
75%     .4760827       11.07421
90%     1.379304       11.32186       Variance       2.128235
95%     2.151439       12.38092       Skewness      -.0597174
99%     4.084035       13.62154       Kurtosis       7.395511

. *as one can see the mean and median drop are lower than the aggregate drop indicating that b
> igger transactions have reduced more. We need robustness with WLS
. 
. 
. 
. gen pippi=0

. replace pippi=1 if (r_size + r_prod + r_interm_share + r_share_exp_sales + r_share_imp_inter
> m + r_value_add_chain +  r_ext_fin_dep + r_share_debts_o_passive + r_share_debts_due_after_o
> ne + r_share_fin_debt + r_share_stock + for + mne + oecd_2008 + EU +  ex_rate_change + growt
> h_rate_X+ nace2+frac_lib_diff_orig ) != .
(786864 real changes made)

. 
. 
. gen no_EU_no_OECD=.
(1614239 missing values generated)

. replace no_EU_no_OECD=1 if EU==0 & oecd_2008==0
(109771 real changes made)

. replace no_EU_no_OECD=0 if EU==1 | oecd_2008==1
(944938 real changes made)

. 
. gen crisis=.
(1614239 missing values generated)

. replace crisis=0 if year==2007
(494451 real changes made)

. replace crisis=1 if year==2008
(560258 real changes made)

. 
. generate is_nace2=nace2*crisis
(660140 missing values generated)

. 
. generate i_r_size=r_size*crisis
(699268 missing values generated)

. generate i_r_prod=r_prod*crisis
(699297 missing values generated)

. generate i_r_interm_share=r_interm_share*crisis
(662730 missing values generated)

. generate i_r_share_exp_sales=r_share_exp_sales*crisis
(662686 missing values generated)

. generate i_r_share_imp_interm=r_share_imp_interm*crisis
(662073 missing values generated)

. generate i_r_value_add_chain=r_value_add_chain*crisis
(662686 missing values generated)

. generate i_r_ext_fin_dep=r_ext_fin_dep*crisis
(719472 missing values generated)

. generate i_r_share_debts_o_passive=r_share_debts_o_passive*crisis
(670308 missing values generated)

. generate i_r_share_debts_due_after_one=r_share_debts_due_after_one*crisis
(670307 missing values generated)

. generate i_r_share_fin_debt=r_share_fin_debt*crisis
(670994 missing values generated)

. generate i_r_share_stock=r_share_stock*crisis
(719481 missing values generated)

. generate i_for=for*crisis
(660042 missing values generated)

. generate i_mne=mne*crisis
(660042 missing values generated)

. generate i_oecd_2008=oecd_2008*crisis
(559530 missing values generated)

. generate i_no_EU_no_OECD=no_EU_no_OECD*crisis
(559530 missing values generated)

. generate i_ex_rate_change=ex_rate_change*crisis
(559765 missing values generated)

. generate i_growth_rate_X=growth_rate_X*crisis
(560470 missing values generated)

. generate i_Intermediate=Intermediate*crisis
(559530 missing values generated)

. generate i_Capital_goods=Capital_goods*crisis
(559530 missing values generated)

. generate i_Consumer_dur=Consumer_dur*crisis
(559530 missing values generated)

. generate i_Energy=Energy*crisis
(559530 missing values generated)

. generate i_Other=Other*crisis
(559530 missing values generated)

. generate i_frac_lib_diff_orig=frac_lib_diff_orig*crisis
(629627 missing values generated)

. 
. 
. xi i.is_nace2, pre(is_n)
i.is_nace2        is_nis_nace_0-99    (naturally coded; is_nis_nace_0 omitted)

. drop  is_nis_nace_34

. *we take automobile as reference
. 
. gen peso=log(value+1) if pippo!=.
(966189 missing values generated)

. 
. local instruct "tex tdec(4) rdec(4) auto(4) bdec (4) symbol($^a$,$^b$,$^c$)  se"

. local firm_var " r_size r_prod  r_interm_share  r_share_exp_sales  r_share_imp_interm r_valu
> e_add_chain r_ext_fin_dep r_share_debts_o_passive r_share_debts_due_after_one r_share_fin_de
> bt r_share_stock for mne"

. local prod_var " Intermediate Capital_goods Consumer_dur  Energy Other  frac_lib_diff_orig "

. local country_var " oecd_2008 no_EU_no_OECD  ex_rate_change growth_rate_X "

. local inter "i_*"

. local dummies "  nacenace2_*  is_nis_nace_*"

. 
. 
. ****vat clustering with nace dummies****
. 
. *OLS
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies', cluster(vat)

Linear regression                                      Number of obs =  506114
                                                       F(143, 14532) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0091
                                                       Root MSE      =  1.4083

                                (Std. Err. adjusted for 14533 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.4159151    .136709    -3.04   0.002     -.683882   -.1479482
      r_size |   .0218067   .0109702     1.99   0.047     .0003038    .0433096
      r_prod |   .0391159   .0099599     3.93   0.000     .0195932    .0586386
r_interm_s~e |    .007131    .010089     0.71   0.480    -.0126446    .0269067
r_share_ex~s |   .0191372   .0147662     1.30   0.195    -.0098064    .0480808
r_share_im~m |  -.0279951   .0098054    -2.86   0.004    -.0472149   -.0087752
r_value_ad~n |  -.0507059     .01577    -3.22   0.001    -.0816172   -.0197947
r_ext_fin_~p |  -.0256257   .0100334    -2.55   0.011    -.0452925   -.0059588
r_share_d~ve |  -.0054592   .0100039    -0.55   0.585     -.025068    .0141497
r_share_d~ne |   .0096973    .011471     0.85   0.398    -.0127873    .0321818
r_share_fi~t |   .0011316   .0120368     0.09   0.925     -.022462    .0247251
r_share_st~k |    .011337   .0097068     1.17   0.243    -.0076896    .0303636
         for |    .002887    .016767     0.17   0.863    -.0299784    .0357524
         mne |  -.0303846   .0235504    -1.29   0.197    -.0765465    .0157773
oecd_2008_~U |  -.2987682   .0207723   -14.38   0.000    -.3394846   -.2580518
no_EU_no_O~D |  -.2255397    .028786    -7.84   0.000    -.2819639   -.1691155
ex_rate_ch~e |  -.2987839   .0829118    -3.60   0.000    -.4613015   -.1362663
growth_rat~X |   .0055831   .0030286     1.84   0.065    -.0003533    .0115196
Intermediate |  -.0246076    .009801    -2.51   0.012    -.0438188   -.0053965
Capital_go~s |  -.0392603    .013233    -2.97   0.003    -.0651987   -.0133218
Consumer_dur |  -.0304861   .0159563    -1.91   0.056    -.0617625    .0007903
      Energy |   -.040888   .0460431    -0.89   0.375    -.1311383    .0493623
       Other |  -.0571632   .0161452    -3.54   0.000    -.0888097   -.0255166
frac_lib_d~g |    -.02551   .0081437    -3.13   0.002    -.0414727   -.0095473
    i_r_size |   .0068165   .0175276     0.39   0.697    -.0275399    .0411729
    i_r_prod |  -.0425371   .0160295    -2.65   0.008     -.073957   -.0111172
i_r_interm~e |  -.0278881   .0159209    -1.75   0.080    -.0590951    .0033188
i_r_share_~s |  -.0571324   .0256473    -2.23   0.026    -.1074042   -.0068605
i_r_share_~m |   .0016877   .0154162     0.11   0.913      -.02853    .0319054
i_r_value_~n |   .0002107   .0250818     0.01   0.993    -.0489528    .0493742
i_r_ext_fi~p |  -.0034911   .0159067    -0.22   0.826    -.0346702    .0276881
i_r_share~ve |  -.0066431   .0157206    -0.42   0.673    -.0374574    .0241712
i_r_share~ne |   .0102175   .0184259     0.55   0.579    -.0258995    .0463346
i_r_share_~t |  -.0043121   .0194858    -0.22   0.825    -.0425067    .0338826
i_r_share_~k |  -.0243993   .0157122    -1.55   0.120    -.0551972    .0063986
       i_for |   .0086658   .0281357     0.31   0.758    -.0464837    .0638153
       i_mne |   .0308794    .035709     0.86   0.387    -.0391148    .1008735
 i_oecd_2008 |   .4840506     .03299    14.67   0.000     .4193861    .5487151
i_no_EU_no~D |   .3854023   .0413108     9.33   0.000     .3044278    .4663768
i_ex_rate_~e |   .2462764   .1110415     2.22   0.027     .0286209    .4639318
i_growth_r~X |   .0007629   .0043532     0.18   0.861      -.00777    .0092958
i_Intermed~e |  -.0333849   .0155433    -2.15   0.032    -.0638517   -.0029181
i_Capital_~s |  -.0217571   .0208695    -1.04   0.297     -.062664    .0191497
i_Consumer~r |  -.0568394   .0250709    -2.27   0.023    -.1059816   -.0076973
    i_Energy |   .0387463   .0698992     0.55   0.579     -.098265    .1757575
     i_Other |   .0239002   .0244002     0.98   0.327    -.0239272    .0717277
i_frac_lib~g |   .0497019   .0128643     3.86   0.000     .0244861    .0749176
 nacenace2_2 |  -.0535201   .3492629    -0.15   0.878    -.7381198    .6310796
 nacenace2_5 |  -.0749966   .1176394    -0.64   0.524    -.3055847    .1555915
nacenace2_11 |  -1.225255   .0771235   -15.89   0.000    -1.376427   -1.074083
nacenace2_14 |  -.0090601   .1240775    -0.07   0.942    -.2522679    .2341476
nacenace2_15 |  -.0504315   .0748999    -0.67   0.501    -.1972449    .0963819
nacenace2_16 |  -.1452341   .1555882    -0.93   0.351    -.4502068    .1597386
nacenace2_17 |  -.1618266   .0775182    -2.09   0.037    -.3137723    -.009881
nacenace2_18 |  -.2540967   .0796411    -3.19   0.001    -.4102035   -.0979899
nacenace2_19 |  -.2801635   .1320678    -2.12   0.034    -.5390333   -.0212937
nacenace2_20 |  -.1498312   .0833784    -1.80   0.072    -.3132635    .0136011
nacenace2_21 |  -.0996689    .081263    -1.23   0.220    -.2589547    .0596169
nacenace2_22 |  -.2376772    .086551    -2.75   0.006    -.4073282   -.0680262
nacenace2_23 |   -.052724   .0941426    -0.56   0.575    -.2372556    .1318076
nacenace2_24 |  -.0939466   .0771061    -1.22   0.223    -.2450845    .0571912
nacenace2_25 |  -.1043783   .0767707    -1.36   0.174    -.2548586     .046102
nacenace2_26 |  -.1001913   .0782588    -1.28   0.200    -.2535884    .0532058
nacenace2_27 |  -.0817382   .0773854    -1.06   0.291    -.2334234     .069947
nacenace2_28 |  -.1215799   .0757416    -1.61   0.108    -.2700431    .0268833
nacenace2_29 |  -.0732487   .0784686    -0.93   0.351    -.2270572    .0805598
nacenace2_30 |  -.2264001   .1534197    -1.48   0.140    -.5271221     .074322
nacenace2_31 |  -.1630523   .0796827    -2.05   0.041    -.3192406    -.006864
nacenace2_32 |  -.2442834   .0989194    -2.47   0.014     -.438178   -.0503888
nacenace2_33 |  -.0972594   .0790042    -1.23   0.218    -.2521178    .0575989
nacenace2_35 |  -.1191379    .121932    -0.98   0.329    -.3581402    .1198644
nacenace2_36 |  -.1052999   .0804749    -1.31   0.191     -.263041    .0524412
nacenace2_37 |  -.0431365   .1096327    -0.39   0.694    -.2580305    .1717576
nacenace2_40 |  -.0989185   .1705638    -0.58   0.562    -.4332453    .2354082
nacenace2_41 |   -.016977   .1058861    -0.16   0.873    -.2245273    .1905733
nacenace2_45 |  -.1819641   .0800196    -2.27   0.023    -.3388126   -.0251156
nacenace2_50 |  -.1237479   .0855713    -1.45   0.148    -.2914785    .0439827
nacenace2_51 |  -.1214412   .0738067    -1.65   0.100    -.2661117    .0232293
nacenace2_52 |  -.1476834   .0749586    -1.97   0.049    -.2946118    -.000755
nacenace2_55 |  -.2226494   .1236419    -1.80   0.072    -.4650034    .0197045
nacenace2_60 |   .0307464   .1117303     0.28   0.783    -.1882592     .249752
nacenace2_61 |  -.5187491   .0734893    -7.06   0.000    -.6627975   -.3747006
nacenace2_62 |  -.7125452    .105455    -6.76   0.000    -.9192505     -.50584
nacenace2_63 |   -.033951    .103618    -0.33   0.743    -.2370554    .1691534
nacenace2_64 |  -.3667416   .1510537    -2.43   0.015    -.6628262    -.070657
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.3558249   .1390024    -2.56   0.010    -.6282872   -.0833626
nacenace2_71 |   .0654064   .1119852     0.58   0.559    -.1540988    .2849115
nacenace2_72 |   -.242685   .1076268    -2.25   0.024    -.4536472   -.0317229
nacenace2_73 |   .0780273   .1251929     0.62   0.533    -.1673668    .3234214
nacenace2_74 |  -.1000245   .0812097    -1.23   0.218    -.2592059    .0591569
nacenace2_80 |   .1152235   .2391034     0.48   0.630    -.3534495    .5838966
nacenace2_85 |  -.0943923   .1186159    -0.80   0.426    -.3268946    .1381101
nacenace2_90 |    .062031   .1484915     0.42   0.676    -.2290311    .3530932
nacenace2_91 |  -.2074341   .0742912    -2.79   0.005    -.3530543   -.0618139
nacenace2_92 |  -.1018638   .1327322    -0.77   0.443    -.3620358    .1583082
nacenace2_93 |  -.2426764   .1097718    -2.21   0.027    -.4578431   -.0275097
nacenace2_99 |  (dropped)
 nacenace2_1 |  -.1037819   .0934735    -1.11   0.267    -.2870019     .079438
is_nis_na~_1 |   .3669462    .168478     2.18   0.029     .0367079    .6971845
is_nis_na~_2 |   .4327163   .4429116     0.98   0.329    -.4354468     1.30088
is_nis_na~_5 |   .2554231   .1781064     1.43   0.152     -.093688    .6045342
is_nis_na~11 |    3.48952   .1501543    23.24   0.000     3.195198    3.783841
is_nis_na~14 |   .0276451   .2607845     0.11   0.916    -.4835258    .5388159
is_nis_na~15 |   .3192646   .1426884     2.24   0.025     .0395772     .598952
is_nis_na~16 |   .5283142   .2301254     2.30   0.022     .0772392    .9793892
is_nis_na~17 |   .2012498   .1460239     1.38   0.168    -.0849755    .4874752
is_nis_na~18 |   .4273549   .1499115     2.85   0.004     .1335093    .7212005
is_nis_na~19 |   .4267653   .1755064     2.43   0.015     .0827504    .7707803
is_nis_na~20 |   .2703262   .1608566     1.68   0.093    -.0449733    .5856256
is_nis_na~21 |   .2567082   .1514205     1.70   0.090    -.0400952    .5535116
is_nis_na~22 |   .4947813   .1571367     3.15   0.002     .1867734    .8027892
is_nis_na~23 |   .3643575   .1750513     2.08   0.037     .0212345    .7074804
is_nis_na~24 |   .2447048   .1458741     1.68   0.093    -.0412269    .5306366
is_nis_na~25 |   .1061664   .1464955     0.72   0.469    -.1809835    .3933162
is_nis_na~26 |   .2213519   .1466502     1.51   0.131    -.0661011    .5088049
is_nis_na~27 |  -.0696014   .1615017    -0.43   0.667    -.3861653    .2469625
is_nis_na~28 |   .1295417   .1448617     0.89   0.371    -.1544057    .4134892
is_nis_na~29 |   .0815901   .1506107     0.54   0.588    -.2136261    .3768062
is_nis_na~30 |   .1343689   .2355187     0.57   0.568    -.3272777    .5960155
is_nis_na~31 |   .3030219   .1523913     1.99   0.047     .0043155    .6017283
is_nis_na~32 |   .4247799   .1813897     2.34   0.019      .069233    .7803267
is_nis_na~33 |   .2463261    .157071     1.57   0.117    -.0615532    .5542053
is_nis_na~35 |   .2138605   .1921056     1.11   0.266    -.1626909    .5904118
is_nis_na~36 |   .2273521   .1509995     1.51   0.132    -.0686262    .5233304
is_nis_na~37 |   .1564042   .1910728     0.82   0.413    -.2181227    .5309312
is_nis_na~40 |   .1118211   .2538221     0.44   0.660    -.3857026    .6093447
is_nis_na~41 |   .1978015   .1670762     1.18   0.236    -.1296891     .525292
is_nis_na~45 |   .3435663   .1490122     2.31   0.021     .0514835    .6356492
is_nis_na~50 |   .3444281   .1530281     2.25   0.024     .0444736    .6443826
is_nis_na~51 |   .2829673   .1415258     2.00   0.046     .0055587     .560376
is_nis_na~52 |   .3650787   .1430124     2.55   0.011     .0847562    .6454012
is_nis_na~55 |   .4268429   .1715043     2.49   0.013     .0906727    .7630132
is_nis_na~60 |    .088848   .1743182     0.51   0.610    -.2528378    .4305337
is_nis_na~61 |  -.1176418   .1388238    -0.85   0.397    -.3897541    .1544705
is_nis_na~62 |   .2440518   .2922697     0.84   0.404    -.3288339    .8169375
is_nis_na~63 |   .2521737   .1812395     1.39   0.164    -.1030788    .6074262
is_nis_na~64 |    .394299   .2200192     1.79   0.073    -.0369666    .8255646
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .6327142   .2275011     2.78   0.005      .186783    1.078645
is_nis_na~71 |  -.0050436   .1973805    -0.03   0.980    -.3919345    .3818474
is_nis_na~72 |   .4649173   .2050111     2.27   0.023     .0630694    .8667652
is_nis_na~73 |   .5220282    .209971     2.49   0.013     .1104583    .9335981
is_nis_na~74 |   .2799334   .1495696     1.87   0.061    -.0132421    .5731088
is_nis_na~80 |  -.0701633   .6258403    -0.11   0.911     -1.29689    1.156563
is_nis_na~85 |   .5576494   .2065552     2.70   0.007     .1527748    .9625239
is_nis_na~90 |   .0066798   .2477311     0.03   0.978    -.4789046    .4922642
is_nis_na~91 |   .4521997   .1431478     3.16   0.002     .1716118    .7327876
is_nis_na~92 |   .2416938   .2255354     1.07   0.284    -.2003843    .6837718
is_nis_na~93 |   .2732847   .1948322     1.40   0.161    -.1086112    .6551806
is_nis_na~99 |  (dropped)
       _cons |   .1600419   .0750251     2.13   0.033     .0129831    .3071006
------------------------------------------------------------------------------

. outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluster
> .xls,ctitle(imports OLS vat clu)  `instruct' append
Results/table_DD_cluster.tex
Results/table_DD_cluster.xls
dir : seeout

. 
. *WLS
. xi: reg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' [pweight=(peso)]
> , cluster(vat)
(sum of wgt is   4.5537e+06)

Linear regression                                      Number of obs =  506114
                                                       F(143, 14532) =       .
                                                       Prob > F      =       .
                                                       R-squared     =  0.0119
                                                       Root MSE      =  1.3224

                                (Std. Err. adjusted for 14533 clusters in vat)
------------------------------------------------------------------------------
             |               Robust
       pippo |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.3896508   .1357764    -2.87   0.004    -.6557897   -.1235119
      r_size |   .0189388   .0102996     1.84   0.066    -.0012497    .0391273
      r_prod |   .0408724   .0095956     4.26   0.000     .0220638     .059681
r_interm_s~e |     .00295   .0094525     0.31   0.755     -.015578    .0214781
r_share_ex~s |   .0087818   .0139961     0.63   0.530    -.0186522    .0362159
r_share_im~m |  -.0241159     .00925    -2.61   0.009    -.0422471   -.0059848
r_value_ad~n |   -.047148   .0145399    -3.24   0.001    -.0756482   -.0186479
r_ext_fin_~p |   -.031933   .0095741    -3.34   0.001    -.0506995   -.0131665
r_share_d~ve |  -.0080346   .0095946    -0.84   0.402    -.0268411     .010772
r_share_d~ne |   .0096404   .0107006     0.90   0.368    -.0113341    .0306149
r_share_fi~t |   .0015403   .0115176     0.13   0.894    -.0210356    .0241161
r_share_st~k |   .0160435    .009197     1.74   0.081    -.0019838    .0340707
         for |  -.0038499   .0153817    -0.25   0.802    -.0340001    .0263002
         mne |  -.0346307   .0210479    -1.65   0.100    -.0758874    .0066259
oecd_2008_~U |  -.2443031   .0200698   -12.17   0.000    -.2836425   -.2049637
no_EU_no_O~D |  -.1644478   .0277267    -5.93   0.000    -.2187957   -.1100999
ex_rate_ch~e |  -.3056597   .0815475    -3.75   0.000    -.4655032   -.1458161
growth_rat~X |   .0042404   .0028754     1.47   0.140    -.0013957    .0098766
Intermediate |  -.0295075   .0095886    -3.08   0.002    -.0483024   -.0107126
Capital_go~s |   -.058502   .0129597    -4.51   0.000    -.0839047   -.0330994
Consumer_dur |  -.0194242   .0150739    -1.29   0.198     -.048971    .0101226
      Energy |   .0144601   .0496523     0.29   0.771    -.0828648    .1117849
       Other |  -.0705479    .015594    -4.52   0.000     -.101114   -.0399817
frac_lib_d~g |  -.0555179   .0079525    -6.98   0.000    -.0711058     -.03993
    i_r_size |   .0047738   .0164623     0.29   0.772    -.0274944     .037042
    i_r_prod |  -.0497567   .0155458    -3.20   0.001    -.0802285   -.0192849
i_r_interm~e |  -.0198878   .0153411    -1.30   0.195    -.0499584    .0101827
i_r_share_~s |   -.061895   .0246304    -2.51   0.012    -.1101738   -.0136163
i_r_share_~m |   .0025077    .014723     0.17   0.865    -.0263513    .0313667
i_r_value_~n |   .0012529   .0237088     0.05   0.958    -.0452193    .0477251
i_r_ext_fi~p |   .0020389   .0156917     0.13   0.897    -.0287188    .0327965
i_r_share~ve |  -.0099632   .0152096    -0.66   0.512     -.039776    .0198496
i_r_share~ne |   .0162787   .0175791     0.93   0.354    -.0181785    .0507359
i_r_share_~t |  -.0138724    .019069    -0.73   0.467    -.0512501    .0235052
i_r_share_~k |  -.0256136   .0152349    -1.68   0.093     -.055476    .0042488
       i_for |   .0031294   .0265064     0.12   0.906    -.0488266    .0550853
       i_mne |   .0296255   .0324041     0.91   0.361    -.0338907    .0931417
 i_oecd_2008 |   .3591193   .0319052    11.26   0.000     .2965811    .4216575
i_no_EU_no~D |   .2774589   .0389945     7.12   0.000     .2010246    .3538931
i_ex_rate_~e |   .2405202   .1080974     2.23   0.026     .0286356    .4524048
i_growth_r~X |   .0029572   .0040625     0.73   0.467    -.0050059    .0109202
i_Intermed~e |  -.0453364   .0151333    -3.00   0.003    -.0749995   -.0156733
i_Capital_~s |    -.03063   .0202182    -1.51   0.130    -.0702603    .0090003
i_Consumer~r |  -.0604811   .0236053    -2.56   0.010    -.1067505   -.0142116
    i_Energy |  -.0533418   .0731656    -0.73   0.466    -.1967557    .0900721
     i_Other |   .0204247    .023565     0.87   0.386    -.0257656    .0666151
i_frac_lib~g |    .056285   .0124515     4.52   0.000     .0318784    .0806915
 nacenace2_2 |  -.1090042   .2268269    -0.48   0.631    -.5536137    .3356053
 nacenace2_5 |   -.120634   .1410221    -0.86   0.392    -.3970554    .1557873
nacenace2_11 |  -1.130522   .0741412   -15.25   0.000    -1.275849   -.9851963
nacenace2_14 |  -.0244358   .1167286    -0.21   0.834    -.2532387    .2043671
nacenace2_15 |   -.034073   .0720311    -0.47   0.636     -.175263    .1071171
nacenace2_16 |  -.1338256   .1450488    -0.92   0.356    -.4181397    .1504885
nacenace2_17 |  -.1637322   .0740399    -2.21   0.027    -.3088599   -.0186045
nacenace2_18 |  -.2796475   .0783348    -3.57   0.000    -.4331937   -.1261013
nacenace2_19 |  -.2732396   .1274202    -2.14   0.032    -.5229994   -.0234799
nacenace2_20 |  -.1438381   .0805207    -1.79   0.074    -.3016688    .0139927
nacenace2_21 |  -.0830748    .077769    -1.07   0.285     -.235512    .0693624
nacenace2_22 |   -.219843   .0832429    -2.64   0.008    -.3830098   -.0566763
nacenace2_23 |  -.0492314   .0915381    -0.54   0.591    -.2286578    .1301949
nacenace2_24 |  -.0830268   .0743724    -1.12   0.264    -.2288063    .0627527
nacenace2_25 |  -.0975137   .0737032    -1.32   0.186    -.2419812    .0469539
nacenace2_26 |  -.1065556   .0749507    -1.42   0.155    -.2534684    .0403573
nacenace2_27 |  -.0814275   .0754036    -1.08   0.280    -.2292282    .0663732
nacenace2_28 |  -.1223274   .0729392    -1.68   0.094    -.2652975    .0206427
nacenace2_29 |  -.0624104   .0750034    -0.83   0.405    -.2094267    .0846059
nacenace2_30 |  -.2306788     .15123    -1.53   0.127    -.5271088    .0657513
nacenace2_31 |  -.1761148   .0768303    -2.29   0.022    -.3267119   -.0255177
nacenace2_32 |  -.2890034   .1034587    -2.79   0.005    -.4917957   -.0862112
nacenace2_33 |  -.0867825   .0764802    -1.13   0.257    -.2366935    .0631285
nacenace2_35 |   -.134792   .1300904    -1.04   0.300    -.3897858    .1202019
nacenace2_36 |   -.085567   .0770707    -1.11   0.267    -.2366353    .0655014
nacenace2_37 |  -.0244662   .1012432    -0.24   0.809    -.2229157    .1739834
nacenace2_40 |  -.1181421   .1718037    -0.69   0.492    -.4548993     .218615
nacenace2_41 |  -.0190331   .1019771    -0.19   0.852    -.2189212     .180855
nacenace2_45 |  -.1987889   .0771113    -2.58   0.010    -.3499368    -.047641
nacenace2_50 |   -.113668   .0805003    -1.41   0.158    -.2714589    .0441229
nacenace2_51 |    -.11664   .0710675    -1.64   0.101    -.2559414    .0226614
nacenace2_52 |  -.1261915   .0721374    -1.75   0.080      -.26759     .015207
nacenace2_55 |  -.2195295   .1241603    -1.77   0.077    -.4628995    .0238405
nacenace2_60 |   .0301707   .1049018     0.29   0.774    -.1754502    .2357916
nacenace2_61 |  -.4139381   .0703185    -5.89   0.000    -.5517712   -.2761049
nacenace2_62 |  -.7365513   .1058375    -6.96   0.000    -.9440062   -.5290963
nacenace2_63 |  -.0348628   .0912226    -0.38   0.702    -.2136708    .1439452
nacenace2_64 |  -.4550552   .1665611    -2.73   0.006    -.7815361   -.1285742
nacenace2_65 |  (dropped)
nacenace2_66 |  (dropped)
nacenace2_67 |  (dropped)
nacenace2_70 |  -.3283483   .1309526    -2.51   0.012     -.585032   -.0716646
nacenace2_71 |   .0626457   .1099634     0.57   0.569    -.1528965    .2781879
nacenace2_72 |   -.256619   .0991086    -2.59   0.010    -.4508845   -.0623535
nacenace2_73 |    .049475    .126481     0.39   0.696    -.1984439    .2973939
nacenace2_74 |  -.1301238   .0773612    -1.68   0.093    -.2817615     .021514
nacenace2_80 |   .1267405   .2227166     0.57   0.569    -.3098124    .5632934
nacenace2_85 |  -.0394601   .1281399    -0.31   0.758    -.2906305    .2117103
nacenace2_90 |   .0098831    .138744     0.07   0.943    -.2620729    .2818391
nacenace2_91 |  -.2043919   .0747862    -2.73   0.006    -.3509822   -.0578015
nacenace2_92 |  -.1744273   .1301168    -1.34   0.180    -.4294728    .0806181
nacenace2_93 |   -.198442   .1052346    -1.89   0.059    -.4047153    .0078312
nacenace2_99 |  (dropped)
 nacenace2_1 |  -.0813324   .0879293    -0.92   0.355     -.253685    .0910203
is_nis_na~_1 |    .331219   .1629746     2.03   0.042     .0117681    .6506699
is_nis_na~_2 |   .4558344    .354853     1.28   0.199    -.2397226    1.151391
is_nis_na~_5 |   .3132376   .1651811     1.90   0.058    -.0105384    .6370136
is_nis_na~11 |    3.46493   .1514431    22.88   0.000     3.168082    3.761777
is_nis_na~14 |   .0308431   .2536963     0.12   0.903    -.4664339    .5281202
is_nis_na~15 |   .2924771    .143085     2.04   0.041     .0120123    .5729418
is_nis_na~16 |   .5851382   .2110173     2.77   0.006     .1715175     .998759
is_nis_na~17 |   .1651388   .1461155     1.13   0.258    -.1212662    .4515438
is_nis_na~18 |   .3874693   .1501968     2.58   0.010     .0930645    .6818741
is_nis_na~19 |   .3965128   .1759462     2.25   0.024     .0516359    .7413897
is_nis_na~20 |   .2266552   .1585363     1.43   0.153    -.0840961    .5374065
is_nis_na~21 |   .2342685   .1511819     1.55   0.121    -.0620672    .5306043
is_nis_na~22 |   .4513028   .1571088     2.87   0.004     .1433497     .759256
is_nis_na~23 |   .3001137    .174106     1.72   0.085    -.0411562    .6413837
is_nis_na~24 |   .1998625    .146922     1.36   0.174    -.0881232    .4878483
is_nis_na~25 |   .0781036   .1471595     0.53   0.596    -.2103478     .366555
is_nis_na~26 |   .1957525   .1471296     1.33   0.183    -.0926402    .4841452
is_nis_na~27 |  -.1193378   .1658572    -0.72   0.472    -.4444391    .2057634
is_nis_na~28 |   .0934695   .1451264     0.64   0.520    -.1909968    .3779358
is_nis_na~29 |   .0335155   .1520153     0.22   0.826    -.2644538    .3314847
is_nis_na~30 |    .138288   .2441446     0.57   0.571    -.3402663    .6168424
is_nis_na~31 |   .2795216   .1525937     1.83   0.067    -.0195815    .5786248
is_nis_na~32 |   .3753132   .1816378     2.07   0.039       .01928    .7313465
is_nis_na~33 |   .1941955   .1601151     1.21   0.225    -.1196505    .5080415
is_nis_na~35 |   .1595927   .1952862     0.82   0.414     -.223193    .5423784
is_nis_na~36 |   .1850474   .1506138     1.23   0.219    -.1101748    .4802696
is_nis_na~37 |   .0788426   .1859827     0.42   0.672    -.2857072    .4433924
is_nis_na~40 |   .0279592   .2549085     0.11   0.913     -.471694    .5276124
is_nis_na~41 |   .1776634    .164958     1.08   0.281    -.1456753    .5010022
is_nis_na~45 |   .3362995   .1486394     2.26   0.024     .0449474    .6276516
is_nis_na~50 |   .3147484   .1516678     2.08   0.038     .0174602    .6120366
is_nis_na~51 |   .2532305   .1421603     1.78   0.075    -.0254219    .5318828
is_nis_na~52 |   .3387436   .1434491     2.36   0.018      .057565    .6199221
is_nis_na~55 |   .4136803   .1762024     2.35   0.019     .0683012    .7590594
is_nis_na~60 |   .0087254   .1750124     0.05   0.960    -.3343212    .3517719
is_nis_na~61 |   -.073427   .1386257    -0.53   0.596    -.3451511     .198297
is_nis_na~62 |   .1922116   .2741556     0.70   0.483    -.3451681    .7295914
is_nis_na~63 |   .1823174   .1741718     1.05   0.295    -.1590815    .5237162
is_nis_na~64 |   .4677314   .2200316     2.13   0.034     .0364414    .8990214
is_nis_na~65 |  (dropped)
is_nis_na~66 |  (dropped)
is_nis_na~67 |  (dropped)
is_nis_na~70 |   .5748262    .224261     2.56   0.010     .1352462    1.014406
is_nis_na~71 |  -.1080479   .1959092    -0.55   0.581    -.4920548     .275959
is_nis_na~72 |   .3492831   .2118024     1.65   0.099    -.0658766    .7644427
is_nis_na~73 |   .4990419   .2175519     2.29   0.022     .0726126    .9254713
is_nis_na~74 |   .2597552   .1493453     1.74   0.082    -.0329805    .5524909
is_nis_na~80 |  -.0806763   .5540391    -0.15   0.884    -1.166664    1.005311
is_nis_na~85 |   .4350225   .2138041     2.03   0.042     .0159394    .8541057
is_nis_na~90 |   .0913167    .222148     0.41   0.681    -.3441216     .526755
is_nis_na~91 |   .4855158   .1516547     3.20   0.001     .1882532    .7827784
is_nis_na~92 |   .1937412   .2321858     0.83   0.404    -.2613724    .6488549
is_nis_na~93 |   .1741395   .1876891     0.93   0.354    -.1937551     .542034
is_nis_na~99 |  (dropped)
       _cons |   .0895448   .0725675     1.23   0.217    -.0526967    .2317863
------------------------------------------------------------------------------

. outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluster
> .xls,ctitle(imports WLS vat clu)  `instruct' append
Results/table_DD_cluster.tex
Results/table_DD_cluster.xls
dir : seeout

. 
. ****3 level clustering with nace dummies****
. 
. *OLS
. xi: cgmreg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies', cluster(vat 
> iso2 HS4)

Note: +/- means the corresponding matrix is added/subtracted

Calculating cov part for variables:  vat (+)
Calculating cov part for variables:  vat iso2 (-)
Calculating cov part for variables:  vat iso2 HS4 (+)
Calculating cov part for variables:  vat HS4 (-)
Calculating cov part for variables:  iso2 (+)
Calculating cov part for variables:  iso2 HS4 (-)
Calculating cov part for variables:  HS4 (+)

                                                 Number of obs     =    506114
                                                 Num clusvars      =    3
                                                 Num combinations  =    7

                                                 G(vat)            =    44928
                                                 G(iso2)           =    220
                                                 G(HS4)            =    1222

------------------------------------------------------------------------------
       pippo |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.4159151   .1271258    -3.27   0.001    -.6650771   -.1667531
      r_size |   .0218067   .0094891     2.30   0.022     .0032085     .040405
      r_prod |   .0391159   .0093798     4.17   0.000     .0207318       .0575
r_interm_s~e |    .007131   .0095296     0.75   0.454    -.0115466    .0258086
r_share_ex~s |   .0191372   .0126219     1.52   0.129    -.0056012    .0438756
r_share_im~m |  -.0279951   .0113712    -2.46   0.014    -.0502822   -.0057079
r_value_ad~n |  -.0507059   .0143848    -3.52   0.000    -.0788996   -.0225122
r_ext_fin_~p |  -.0256257    .011934    -2.15   0.032    -.0490159   -.0022354
r_share_d~ve |  -.0054592   .0096812    -0.56   0.573    -.0244339    .0135156
r_share_d~ne |   .0096973   .0126677     0.77   0.444    -.0151309    .0345254
r_share_fi~t |   .0011316   .0111965     0.10   0.919    -.0208131    .0230762
r_share_st~k |    .011337   .0100013     1.13   0.257    -.0082651    .0309391
         for |    .002887   .0140789     0.21   0.838    -.0247072    .0304812
         mne |  -.0303846   .0227778    -1.33   0.182    -.0750282     .014259
oecd_2008_~U |  -.2987682   .0371085    -8.05   0.000    -.3714996   -.2260368
no_EU_no_O~D |  -.2255397   .0423942    -5.32   0.000    -.3086308   -.1424486
ex_rate_ch~e |  -.2987839   .0862927    -3.46   0.001    -.4679144   -.1296534
growth_rat~X |   .0055831   .0040238     1.39   0.165    -.0023033    .0134696
Intermediate |  -.0246076   .0151011    -1.63   0.103    -.0542053    .0049901
Capital_go~s |  -.0392603   .0308242    -1.27   0.203    -.0996747    .0211541
Consumer_dur |  -.0304861   .0225752    -1.35   0.177    -.0747327    .0137605
      Energy |   -.040888   .0649488    -0.63   0.529    -.1681853    .0864093
       Other |  -.0571632   .0258242    -2.21   0.027    -.1077777   -.0065486
frac_lib_d~g |    -.02551   .0118625    -2.15   0.032      -.04876     -.00226
    i_r_size |   .0068165   .0154997     0.44   0.660    -.0235623    .0371952
    i_r_prod |  -.0425371   .0159898    -2.66   0.008    -.0738766   -.0111976
i_r_interm~e |  -.0278881   .0150894    -1.85   0.065    -.0574628    .0016865
i_r_share_~s |  -.0571324   .0246588    -2.32   0.021    -.1054628    -.008802
i_r_share_~m |   .0016877   .0143333     0.12   0.906     -.026405    .0297805
i_r_value_~n |   .0002107    .032847     0.01   0.995    -.0641682    .0645896
i_r_ext_fi~p |  -.0034911   .0169853    -0.21   0.837    -.0367817    .0297995
i_r_share~ve |  -.0066431   .0153471    -0.43   0.665    -.0367229    .0234367
i_r_share~ne |   .0102175   .0174612     0.59   0.558    -.0240058    .0444409
i_r_share_~t |  -.0043121   .0193077    -0.22   0.823    -.0421544    .0335303
i_r_share_~k |  -.0243993   .0159066    -1.53   0.125    -.0555756     .006777
       i_for |   .0086658   .0289009     0.30   0.764    -.0479789    .0653106
       i_mne |   .0308794    .037287     0.83   0.408    -.0422017    .1039605
 i_oecd_2008 |   .4840506   .0550183     8.80   0.000     .3762167    .5918844
i_no_EU_no~D |   .3854023   .0674611     5.71   0.000      .253181    .5176237
i_ex_rate_~e |   .2462764   .1006864     2.45   0.014     .0489348     .443618
i_growth_r~X |   .0007629   .0067144     0.11   0.910    -.0123971    .0139229
i_Intermed~e |  -.0333849   .0177904    -1.88   0.061    -.0682534    .0014835
i_Capital_~s |  -.0217571   .0366612    -0.59   0.553    -.0936118    .0500976
i_Consumer~r |  -.0568394   .0326912    -1.74   0.082    -.1209129    .0072341
    i_Energy |   .0387463   .0632044     0.61   0.540    -.0851321    .1626246
     i_Other |   .0239002   .0222531     1.07   0.283     -.019715    .0675154
i_frac_lib~g |   .0497019   .0127966     3.88   0.000     .0246209    .0747828
 nacenace2_2 |  -.0535201   .2875304    -0.19   0.852    -.6170693    .5100291
 nacenace2_5 |  -.0749966   .1945817    -0.39   0.700    -.4563697    .3063765
nacenace2_11 |  -1.225255    .075926   -16.14   0.000    -1.374067   -1.076443
nacenace2_14 |  -.0090601   .1441112    -0.06   0.950     -.291513    .2733927
nacenace2_15 |  -.0504315   .0714865    -0.71   0.481    -.1905424    .0896794
nacenace2_16 |  -.1452341   .1486246    -0.98   0.328    -.4365329    .1460647
nacenace2_17 |  -.1618266   .0707543    -2.29   0.022    -.3005026   -.0231507
nacenace2_18 |  -.2540967   .0780989    -3.25   0.001    -.4071677   -.1010258
nacenace2_19 |  -.2801635   .1519418    -1.84   0.065     -.577964    .0176369
nacenace2_20 |  -.1498312   .0752334    -1.99   0.046     -.297286   -.0023764
nacenace2_21 |  -.0996689   .0759838    -1.31   0.190    -.2485944    .0492565
nacenace2_22 |  -.2376772   .0849269    -2.80   0.005    -.4041309   -.0712235
nacenace2_23 |   -.052724   .1047182    -0.50   0.615    -.2579679    .1525199
nacenace2_24 |  -.0939466   .0735006    -1.28   0.201    -.2380052    .0501119
nacenace2_25 |  -.1043783   .0772523    -1.35   0.177      -.25579    .0470334
nacenace2_26 |  -.1001913   .0745422    -1.34   0.179    -.2462913    .0459087
nacenace2_27 |  -.0817382   .0784434    -1.04   0.297    -.2354845    .0720081
nacenace2_28 |  -.1215799   .0710178    -1.71   0.087    -.2607722    .0176124
nacenace2_29 |  -.0732487   .0723111    -1.01   0.311    -.2149758    .0684784
nacenace2_30 |  -.2264001   .1310112    -1.73   0.084    -.4831773    .0303772
nacenace2_31 |  -.1630523   .0784676    -2.08   0.038    -.3168459   -.0092587
nacenace2_32 |  -.2442834   .1124939    -2.17   0.030    -.4647673   -.0237995
nacenace2_33 |  -.0972594    .083608    -1.16   0.245    -.2611281    .0666092
nacenace2_35 |  -.1191379   .1031958    -1.15   0.248    -.3213978    .0831221
nacenace2_36 |  -.1052999   .0713235    -1.48   0.140    -.2450915    .0344917
nacenace2_37 |  -.0431365   .1045599    -0.41   0.680    -.2480701    .1617972
nacenace2_40 |  -.0989185   .1391522    -0.71   0.477    -.3716518    .1738148
nacenace2_41 |   -.016977   .1140564    -0.15   0.882    -.2405234    .2065695
nacenace2_45 |  -.1819641   .0751657    -2.42   0.015    -.3292862   -.0346421
nacenace2_50 |  -.1237479   .0854705    -1.45   0.148    -.2912671    .0437712
nacenace2_51 |  -.1214412   .0711416    -1.71   0.088    -.2608762    .0179938
nacenace2_52 |  -.1476834   .0719742    -2.05   0.040    -.2887502   -.0066165
nacenace2_55 |  -.2226494   .1249625    -1.78   0.075    -.4675714    .0222725
nacenace2_60 |   .0307464   .0949822     0.32   0.746    -.1554152     .216908
nacenace2_61 |  -.5187491   .1342722    -3.86   0.000    -.7819178   -.2555804
nacenace2_62 |  -.7125452   .2067835    -3.45   0.001    -1.117833    -.307257
nacenace2_63 |   -.033951   .0932838    -0.36   0.716    -.2167839     .148882
nacenace2_64 |  -.3667416   .2004248    -1.83   0.067     -.759567    .0260838
nacenace2_65 |          0   2.68e-10     0.00   1.000    -5.25e-10    5.25e-10
nacenace2_66 |          0   6.72e-11     0.00   1.000    -1.32e-10    1.32e-10
nacenace2_67 |          0   3.48e-10     0.00   1.000    -6.82e-10    6.82e-10
nacenace2_70 |  -.3558249   .1334159    -2.67   0.008    -.6173152   -.0943346
nacenace2_71 |   .0654064   .0905157     0.72   0.470    -.1120012     .242814
nacenace2_72 |   -.242685   .0983564    -2.47   0.014    -.4354601     -.04991
nacenace2_73 |   .0780273   .1357146     0.57   0.565    -.1879685    .3440231
nacenace2_74 |  -.1000245   .0805668    -1.24   0.214    -.2579326    .0578836
nacenace2_80 |   .1152235   .1653378     0.70   0.486    -.2088327    .4392798
nacenace2_85 |  -.0943923   .1245736    -0.76   0.449     -.338552    .1497675
nacenace2_90 |    .062031   .0992042     0.63   0.532    -.1324056    .2564676
nacenace2_91 |  -.2074341    .150484    -1.38   0.168    -.5023773    .0875092
nacenace2_92 |  -.1018638   .0983948    -1.04   0.301    -.2947141    .0909864
nacenace2_93 |  -.2426764   .0863713    -2.81   0.005    -.4119611   -.0733917
nacenace2_99 |          0   1.33e-10     0.00   1.000    -2.62e-10    2.62e-10
 nacenace2_1 |  -.1037819    .074001    -1.40   0.161    -.2488213    .0412574
is_nis_na~_1 |   .3669462   .1352777     2.71   0.007     .1018068    .6320857
is_nis_na~_2 |   .4327163   .3514025     1.23   0.218    -.2560199    1.121453
is_nis_na~_5 |   .2554231   .3025519     0.84   0.399    -.3375677    .8484139
is_nis_na~11 |    3.48952    .138122    25.26   0.000     3.218805    3.760234
is_nis_na~14 |   .0276451   .1906734     0.14   0.885     -.346068    .4013581
is_nis_na~15 |   .3192646   .1314743     2.43   0.015     .0615796    .5769495
is_nis_na~16 |   .5283142   .2141601     2.47   0.014     .1085681    .9480603
is_nis_na~17 |   .2012498   .1355355     1.48   0.138    -.0643948    .4668945
is_nis_na~18 |   .4273549   .1398186     3.06   0.002     .1533154    .7013944
is_nis_na~19 |   .4267653   .1799953     2.37   0.018     .0739811    .7795496
is_nis_na~20 |   .2703262   .1438433     1.88   0.060    -.0116016    .5522539
is_nis_na~21 |   .2567082   .1388556     1.85   0.064    -.0154438    .5288602
is_nis_na~22 |   .4947813   .1415596     3.50   0.000     .2173296     .772233
is_nis_na~23 |   .3643575   .1641956     2.22   0.026       .04254    .6861749
is_nis_na~24 |   .2447048   .1396788     1.75   0.080    -.0290605    .5184701
is_nis_na~25 |   .1061664   .1425168     0.74   0.456    -.1731614    .3854941
is_nis_na~26 |   .2213519   .1364082     1.62   0.105    -.0460033    .4887071
is_nis_na~27 |  -.0696014    .146375    -0.48   0.634    -.3564911    .2172883
is_nis_na~28 |   .1295417   .1337024     0.97   0.333    -.1325102    .3915936
is_nis_na~29 |   .0815901   .1472946     0.55   0.580    -.2071021    .3702822
is_nis_na~30 |   .1343689   .2202043     0.61   0.542    -.2972236    .5659614
is_nis_na~31 |   .3030219   .1379919     2.20   0.028     .0325627    .5734811
is_nis_na~32 |   .4247799   .1791114     2.37   0.018      .073728    .7758318
is_nis_na~33 |   .2463261   .1561762     1.58   0.115    -.0597737    .5524258
is_nis_na~35 |   .2138605   .1684185     1.27   0.204    -.1162337    .5439546
is_nis_na~36 |   .2273521   .1382393     1.64   0.100    -.0435919    .4982961
is_nis_na~37 |   .1564042   .1728085     0.91   0.365    -.1822942    .4951026
is_nis_na~40 |   .1118211   .2067005     0.54   0.589    -.2933045    .5169467
is_nis_na~41 |   .1978015   .1935993     1.02   0.307    -.1816462    .5772491
is_nis_na~45 |   .3435663   .1424491     2.41   0.016     .0643712    .6227615
is_nis_na~50 |   .3444281   .1564625     2.20   0.028     .0377672     .651089
is_nis_na~51 |   .2829673   .1301454     2.17   0.030     .0278871    .5380476
is_nis_na~52 |   .3650787   .1329992     2.74   0.006      .104405    .6257524
is_nis_na~55 |   .4268429   .1720871     2.48   0.013     .0895585    .7641274
is_nis_na~60 |    .088848   .1660584     0.54   0.593    -.2366205    .4143164
is_nis_na~61 |  -.1176418    .211627    -0.56   0.578     -.532423    .2971394
is_nis_na~62 |   .2440518   .3229461     0.76   0.450     -.388911    .8770146
is_nis_na~63 |   .2521737   .1648272     1.53   0.126    -.0708816     .575229
is_nis_na~64 |    .394299   .3361054     1.17   0.241    -.2644554    1.053053
is_nis_na~65 |          0   3.64e-11     0.00   1.000    -7.13e-11    7.13e-11
is_nis_na~66 |          0   2.50e-12     0.00   1.000    -4.91e-12    4.91e-12
is_nis_na~67 |          0   8.28e-12     0.00   1.000    -1.62e-11    1.62e-11
is_nis_na~70 |   .6327142   .2166615     2.92   0.003     .2080654    1.057363
is_nis_na~71 |  -.0050436   .1919431    -0.03   0.979    -.3812451     .371158
is_nis_na~72 |   .4649173   .2142046     2.17   0.030      .045084    .8847507
is_nis_na~73 |   .5220282   .1685192     3.10   0.002     .1917366    .8523199
is_nis_na~74 |   .2799334   .1406062     1.99   0.046     .0043502    .5555165
is_nis_na~80 |  -.0701633   .2881533    -0.24   0.808    -.6349334    .4946067
is_nis_na~85 |   .5576494   .1898398     2.94   0.003     .1855701    .9297286
is_nis_na~90 |   .0066798   .1792697     0.04   0.970    -.3446824     .358042
is_nis_na~91 |   .4521997   .1938773     2.33   0.020     .0722071    .8321923
is_nis_na~92 |   .2416938   .1650953     1.46   0.143    -.0818871    .5652746
is_nis_na~93 |   .2732847   .1552114     1.76   0.078    -.0309241    .5774935
is_nis_na~99 |  (dropped)
       _cons |   .1600419   .0788122     2.03   0.042     .0055728    .3145109
------------------------------------------------------------------------------

 -> NOTE: Raw estimated variance matrix was non-positive semi-definite.
          -cgmreg- is replacing any/all negative eigenvalues with 0.

          See Cameron, Gelbach & Miller, 
            'Robust Inference with Multi-Way Clustering'.

          Raw, non-psd covariance estimate will be available 
            in e(rawcovmat).

          (If you don't want this behavior, use the 'noeigenfix' option,
            in which case -cgmreg- will throw an error)



. outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluster
> .xls,ctitle(imports OLS ML clu)  `instruct' append
Results/table_DD_cluster.tex
Results/table_DD_cluster.xls
dir : seeout

. 
. *WLS. There is a problem with the cgmreg code with WLS
. *xi: cgmreg  pippo crisis `firm_var' `country_var' `prod_var' `inter' `dummies' [pweight=(pe
> so)], cluster(vat iso2 HS4)
. *outreg2 `firm_var' `country_var' `prod_var' `inter' `dummies' using Results/table_DD_cluste
> r.xls,ctitle(imports WLS ML clu)  `instruct' append
. 
. 
. **********************
. *Counterfactuals
. **********************
. 
. *** i_r_prod***
. predict xb_true,xb
(827375 missing values generated)

. 
. gen i_r_prod_t=i_r_prod
(699297 missing values generated)

. replace i_r_prod=0
(971369 real changes made)

. predict xb_counter,xb
(827375 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4650552      -.9587259
 5%    -.3630106      -.9345341
10%     -.295418      -.9285942       Obs              255035
25%     -.207142      -.8913953       Sum of Wgt.      255035

50%    -.1377725                      Mean          -.1396351
                        Largest       Std. Dev.      .1236843
75%    -.0640571       .6162724
90%     .0109266       .6162724       Variance       .0152978
95%      .058676       .6162724       Skewness      -.2106662
99%     .1446892       1.951799       Kurtosis       4.397777

. display(1-(-.1396351/-.1637702))
.14737174

. *14.737174% of the fall
. 
. replace i_r_prod=i_r_prod_t
(971369 real changes made, 699297 to missing)

. drop i_r_prod_t xb_true xb_counter 

. 
. 
. ***i_r_interm_share i_r_share_exp_sales***
. predict xb_true,xb
(827375 missing values generated)

. 
. gen i_r_interm_share_t=i_r_interm_share
(662730 missing values generated)

. replace i_r_interm_share=0
(937004 real changes made)

. gen i_r_share_exp_sales_t=i_r_share_exp_sales
(662686 missing values generated)

. replace i_r_share_exp_sales=0
(868040 real changes made)

. 
. predict xb_counter,xb
(827375 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4403564      -1.001263
 5%    -.3341455      -.9770712
10%    -.2687353      -.9711313       Obs              255035
25%    -.1833064      -.9303221       Sum of Wgt.      255035

50%    -.1286515                      Mean          -.1247307
                        Largest       Std. Dev.      .1155605
75%    -.0590417       .5737354
90%     .0196431       .5737354       Variance       .0133542
95%      .071226       .5737354       Skewness      -.1233105
99%     .1486481        1.93715       Kurtosis        4.75783

. display(1-(-.1247307/-.1637702))
.23837975

. *23.837975 of the fall
. 
. replace i_r_interm_share=i_r_interm_share_t
(937004 real changes made, 662730 to missing)

. replace i_r_share_exp_sales=i_r_share_exp_sales_t
(868040 real changes made, 662686 to missing)

. drop i_r_interm_share_t i_r_share_exp_sales_t xb_true xb_counter 

. 
. 
. 
. ***   i_oecd_2008 i_no_EU_no_OECD ***
. predict xb_true,xb
(827375 missing values generated)

. 
. gen i_oecd_2008_t=i_oecd_2008
(559530 missing values generated)

. replace i_oecd_2008=0
(624388 real changes made)

. gen i_no_EU_no_OECD_t=i_no_EU_no_OECD
(559530 missing values generated)

. replace i_no_EU_no_OECD=0
(626043 real changes made)

. 
. predict xb_counter,xb
(827375 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.6346781      -1.207803
 5%    -.5073649      -1.203638
10%    -.4333888      -1.203638       Obs              255035
25%    -.2961278      -1.203638       Sum of Wgt.      255035

50%    -.1953843                      Mean          -.2264506
                        Largest       Std. Dev.      .1425926
75%    -.1283606        .376546
90%    -.0720127       .3807707       Variance       .0203327
95%    -.0442177       .3812213       Skewness      -.9474323
99%    -.0015123       1.909262       Kurtosis       4.378145

. display(1-(-.2264506/-.1637702))
-.38273386

. *-38.273386 of the fall
. 
. replace i_oecd_2008=i_oecd_2008_t
(624388 real changes made, 559530 to missing)

. replace i_no_EU_no_OECD=i_no_EU_no_OECD_t
(626043 real changes made, 559530 to missing)

. drop i_no_EU_no_OECD_t i_oecd_2008_t xb_true xb_counter 

. 
. 
. ***i_ex_rate_change   ex_rate_change***
. 
. predict xb_true,xb
(827375 missing values generated)

. 
. gen i_ex_rate_change_t=i_ex_rate_change
(559765 missing values generated)

. replace i_ex_rate_change=0
(738101 real changes made)

. gen ex_rate_change_t=ex_rate_change
(559765 missing values generated)

. replace ex_rate_change=0
(864682 real changes made)

. 
. predict xb_counter,xb
(827327 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4841114      -1.001263
 5%    -.3914509      -.9770712
10%    -.3135547      -.9711313       Obs              255042
25%    -.2325294      -.9220423       Sum of Wgt.      255042

50%    -.1587143                      Mean          -.1637951
                        Largest       Std. Dev.      .1219259
75%    -.0862414       .5656914
90%    -.0188779       .5656914       Variance       .0148659
95%     .0251262       .5656914       Skewness      -.2896792
99%     .1147202       1.909262       Kurtosis       4.462315

. display(1-(-.1637951/-.1637702))
-.00015204

. *-0.15204 of the fall
. 
. replace i_ex_rate_change=i_ex_rate_change_t
(738101 real changes made, 559765 to missing)

. replace ex_rate_change=ex_rate_change_t
(864682 real changes made, 559765 to missing)

. drop i_ex_rate_change_t ex_rate_change_t xb_true xb_counter 

. 
. 
. *** i_growth_rate_X    growth_rate_X***
. 
. predict xb_true,xb
(827375 missing values generated)

. 
. * growth_rate_X is -1.1065% for BE in 2008 and 1.784% in 2007= difference is 2.8905%
. * the overall coeff of growth_rate_X from the exp regression in 2008 is 0.0138+0.0115=0.0253
>  
. 
. gen xb_counter=xb_true+(0.0253*2.8905)
(827375 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                         xb_counter
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4127838      -.9281334
 5%    -.3192216      -.9039415
10%    -.2412388      -.8980016       Obs              255035
25%    -.1603264      -.8571924       Sum of Wgt.      255035

50%     -.086307                      Mean          -.0906405
                        Largest       Std. Dev.      .1230286
75%    -.0129193        .646865
90%     .0559769        .646865       Variance        .015136
95%     .1032972        .646865       Skewness      -.2601553
99%     .1930639       1.982391       Kurtosis       4.430024

. display(1-(-.0906405/-.1637702))
.4465385

. *44.65385 of the fall
. 
. drop xb_true xb_counter

. 
. 
. *** i_Intermediate i_Consumer_dur ***
. predict xb_true,xb
(827375 missing values generated)

. 
. gen i_Intermediate_t=i_Intermediate
(559530 missing values generated)

. replace i_Intermediate=0
(806677 real changes made)

. gen i_Consumer_dur_t=i_Consumer_dur
(559530 missing values generated)

. replace i_Consumer_dur=0
(583943 real changes made)

. 
. predict xb_counter,xb
(827375 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4621454      -.9678781
 5%    -.3673751      -.9436862
10%    -.2905445      -.9377463       Obs              255035
25%    -.2123628      -.9303221       Sum of Wgt.      255035

50%     -.140219                      Mean          -.1458304
                        Largest       Std. Dev.      .1193078
75%    -.0732987       .5737354
90%    -.0065027       .5737354       Variance       .0142344
95%     .0440168       .5834332       Skewness      -.2809898
99%     .1299471       1.909262       Kurtosis       4.648005

. display(1-(-.1458304/-.1637702))
.10954252

. *10.954252 of the fall
. 
. replace i_Intermediate=i_Intermediate_t
(806677 real changes made, 559530 to missing)

. replace i_Consumer_dur=i_Consumer_dur_t
(583943 real changes made, 559530 to missing)

. 
. drop i_Intermediate_t i_Consumer_dur_t xb_true xb_counter 

. 
. 
. *** i_frac_lib_diff_orig ***
. predict xb_true,xb
(827375 missing values generated)

. 
. gen i_frac_lib_diff_orig_t=i_frac_lib_diff_orig
(629627 missing values generated)

. replace i_frac_lib_diff_orig=0
(1042823 real changes made)

. 
. predict xb_counter,xb
(827375 missing values generated)

. 
. su  xb_true if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.4859135      -1.001263
 5%    -.3923513      -.9770712
10%    -.3143685      -.9711313       Obs              255035
25%     -.233456      -.9303221       Sum of Wgt.      255035

50%    -.1594366                      Mean          -.1637702
                        Largest       Std. Dev.      .1230286
75%     -.086049       .5737354
90%    -.0171528       .5737354       Variance        .015136
95%     .0301676       .5737354       Skewness      -.2601553
99%     .1199343       1.909262       Kurtosis       4.430024

. su xb_counter if year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.5190755      -1.026773
 5%    -.4275872      -1.020833
10%    -.3512526      -1.001263       Obs              255035
25%    -.2698342      -.9800239       Sum of Wgt.      255035

50%    -.1984147                      Mean          -.2019691
                        Largest       Std. Dev.      .1214827
75%    -.1245878       .5495435
90%    -.0577998       .5503022       Variance        .014758
95%    -.0114607       .5529858       Skewness      -.2629922
99%     .0764869       1.909262       Kurtosis       4.526191

. display(1-(-.2019691/-.1637702))
-.23324695

. *-23.324695 of the fall
. 
. replace i_frac_lib_diff_orig=i_frac_lib_diff_orig_t
(1042823 real changes made, 629627 to missing)

. 
. drop i_frac_lib_diff_orig_t xb_true xb_counter 

. 
. 
. ***Distribution***
. 
. *3 level clustering for Distribution only
. xi: cgmreg  pippo crisis `firm_var' `country_var' `prod_var' `inter' if pippi==1 & (nace2==5
> 0 | nace2==51 | nace2==52), cluster(vat iso2 HS4)

Note: +/- means the corresponding matrix is added/subtracted

Calculating cov part for variables:  vat (+)
Calculating cov part for variables:  vat iso2 (-)
Calculating cov part for variables:  vat iso2 HS4 (+)
Calculating cov part for variables:  vat HS4 (-)
Calculating cov part for variables:  iso2 (+)
Calculating cov part for variables:  iso2 HS4 (-)
Calculating cov part for variables:  HS4 (+)

                                                 Number of obs     =    315476
                                                 Num clusvars      =    3
                                                 Num combinations  =    7
                                                 If condition      =    if pippi==1 & (nace2==
> 50 | nace2==51 | nace2==52)

                                                 G(vat)            =    9644
                                                 G(iso2)           =    163
                                                 G(HS4)            =    1104

------------------------------------------------------------------------------
       pippo |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
      crisis |  -.1241525   .0302324    -4.11   0.000    -.1834069   -.0648981
      r_size |   .0176175    .010725     1.64   0.100    -.0034032    .0386382
      r_prod |   .0413503   .0111323     3.71   0.000     .0195313    .0631692
r_interm_s~e |   .0106259   .0127406     0.83   0.404    -.0143453     .035597
r_share_ex~s |   .0383333   .0216255     1.77   0.076     -.004052    .0807185
r_share_im~m |  -.0335461   .0129059    -2.60   0.009    -.0588412    -.008251
r_value_ad~n |  -.0695818   .0216098    -3.22   0.001    -.1119361   -.0272274
r_ext_fin_~p |  -.0259418   .0120957    -2.14   0.032     -.049649   -.0022347
r_share_d~ve |  -.0184285   .0111416    -1.65   0.098    -.0402656    .0034087
r_share_d~ne |   .0069836    .015105     0.46   0.644    -.0226217    .0365889
r_share_fi~t |   .0184837   .0145648     1.27   0.204    -.0100627    .0470301
r_share_st~k |   .0047679   .0143307     0.33   0.739    -.0233197    .0328556
         for |   .0007262   .0233007     0.03   0.975    -.0449424    .0463948
         mne |  -.0209063   .0482623    -0.43   0.665    -.1154987    .0736861
oecd_2008_~U |  -.2762826   .0301182    -9.17   0.000    -.3353131   -.2172521
no_EU_no_O~D |   -.213817   .0418721    -5.11   0.000    -.2958849   -.1317492
ex_rate_ch~e |  -.4303015   .0312735   -13.76   0.000    -.4915965   -.3690065
growth_rat~X |   .0049384   .0038473     1.28   0.199    -.0026021    .0124789
Intermediate |  -.0167683    .012012    -1.40   0.163    -.0403114    .0067749
Capital_go~s |  -.0272494   .0249945    -1.09   0.276    -.0762377     .021739
Consumer_dur |  -.0290779   .0196186    -1.48   0.138    -.0675296    .0093738
      Energy |  -.1236992   .0775785    -1.59   0.111    -.2757503    .0283518
       Other |  -.0589601   .0255077    -2.31   0.021    -.1089542   -.0089659
frac_lib_d~g |  -.0369046   .0118134    -3.12   0.002    -.0600586   -.0137507
    i_r_size |   .0295678   .0163462     1.81   0.070    -.0024701    .0616058
    i_r_prod |  -.0322179   .0196765    -1.64   0.102    -.0707832    .0063474
i_r_interm~e |  -.0283253   .0207638    -1.36   0.173    -.0690217     .012371
i_r_share_~s |  -.0653962   .0396709    -1.65   0.099    -.1431496    .0123573
i_r_share_~m |   .0029836     .01578     0.19   0.850    -.0279446    .0339117
i_r_value_~n |   .0133839   .0432897     0.31   0.757    -.0714623    .0982301
i_r_ext_fi~p |  -.0070834   .0174714    -0.41   0.685    -.0413267    .0271599
i_r_share~ve |    .002423   .0199102     0.12   0.903    -.0366002    .0414462
i_r_share~ne |   .0251063    .021789     1.15   0.249    -.0175994     .067812
i_r_share_~t |  -.0307172   .0222687    -1.38   0.168    -.0743631    .0129288
i_r_share_~k |   -.032301   .0191251    -1.69   0.091    -.0697855    .0051835
       i_for |   .0283531   .0458968     0.62   0.537    -.0616031    .1183092
       i_mne |   .0282089   .0664058     0.42   0.671     -.101944    .1583618
 i_oecd_2008 |   .4245408   .0543937     7.80   0.000     .3179311    .5311504
i_no_EU_no~D |   .3069331   .0686312     4.47   0.000     .1724184    .4414479
i_ex_rate_~e |    .270843   .0597399     4.53   0.000     .1537548    .3879311
i_growth_r~X |   .0021923   .0075542     0.29   0.772    -.0126137    .0169982
i_Intermed~e |  -.0497246   .0193164    -2.57   0.010     -.087584   -.0118653
i_Capital_~s |  -.0584491   .0369367    -1.58   0.114    -.1308437    .0139454
i_Consumer~r |  -.0458943   .0303885    -1.51   0.131    -.1054547    .0136661
    i_Energy |   .1044461   .0608664     1.72   0.086    -.0148499    .2237421
     i_Other |   .0123816   .0225029     0.55   0.582    -.0317232    .0564865
i_frac_lib~g |   .0649977   .0180652     3.60   0.000     .0295906    .1004048
       _cons |   .0441039   .0249195     1.77   0.077    -.0047374    .0929452
------------------------------------------------------------------------------

 -> NOTE: Raw estimated variance matrix was non-positive semi-definite.
          -cgmreg- is replacing any/all negative eigenvalues with 0.

          See Cameron, Gelbach & Miller, 
            'Robust Inference with Multi-Way Clustering'.

          Raw, non-psd covariance estimate will be available 
            in e(rawcovmat).

          (If you don't want this behavior, use the 'noeigenfix' option,
            in which case -cgmreg- will throw an error)



. 
. 
. ***i_r_share_stock****
. *the coeff is: i_r_share_~k |   -.032301   .0191251    -1.69   0.091    -.0697855    .005183
> 5
. 
. 
. predict xb_true,xb
(827375 missing values generated)

. gen  i_r_share_stock_t= i_r_share_stock
(719481 missing values generated)

. replace i_r_share_stock=0
(949412 real changes made)

. 
. predict xb_counter,xb
(827375 missing values generated)

. 
. su xb_true if pippi==1 & (nace2==50 | nace2==51 | nace2==52) & year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.2888817      -.4057566
 5%    -.2485531      -.3843908
10%    -.2257718      -.3843908       Obs              159764
25%    -.1824185      -.3843908       Sum of Wgt.      159764

50%    -.1315736                      Mean          -.1269083
                        Largest       Std. Dev.      .0799523
75%    -.0800017       .2075898
90%     -.024024       .2075898       Variance       .0063924
95%     .0179044       .2075898       Skewness       .4392416
99%      .091649       .2075898       Kurtosis       3.322313

. su xb_counter if pippi==1 & (nace2==50 | nace2==51 | nace2==52) & year==2008 & pippo!=., de

                      Linear prediction
-------------------------------------------------------------
      Percentiles      Smallest
 1%    -.2673085      -.3734556
 5%    -.2301425      -.3659901
10%    -.2078742      -.3657683       Obs              159764
25%    -.1679769      -.3568809       Sum of Wgt.      159764

50%    -.1174573                      Mean          -.1119278
                        Largest       Std. Dev.      .0790739
75%    -.0660591       .2075898
90%    -.0079167       .2075898       Variance       .0062527
95%     .0339094       .2075898       Skewness       .4969815
99%     .1037072       .2123577       Kurtosis       3.318654

. 
. display(1-(-.1119278/-.1269083))
.11804192

. *11.804192%
. 
. replace i_r_share_stock=i_r_share_stock_t
(949412 real changes made, 719481 to missing)

. drop  i_r_share_stock_t xb_true xb_counter 

. 
. egen imp_tot_2008=sum(value) if  pippi==1 & year==2008
(1201356 missing values generated)

. egen imp_tot_2008_distr=sum(value) if pippi==1 & (nace2==50 | nace2==51 | nace2==52) & year=
> =2008
(1369436 missing values generated)

. egen imp_tot_2009_distr=sum(value) if l1.pippi==1 & (l1.nace2==50 | l1.nace2==51 | l1.nace2=
> =52) & year==2009
(1454475 missing values generated)

. 
. su  imp_tot_2008 imp_tot_2008_distr imp_tot_2009

    Variable |       Obs        Mean    Std. Dev.       Min        Max
-------------+--------------------------------------------------------
imp_tot_2008 |    412883    7.90e+10           0   7.90e+10   7.90e+10
imp_~8_distr |    244803    3.18e+10           0   3.18e+10   3.18e+10
imp_~9_distr |    159764    2.38e+10           0   2.38e+10   2.38e+10

. display(3.18e+10/7.90e+10)
.40253165

. *40.25 of imports are done by the distribution sector
. 
. display(1-(2.38e+10/3.18e+10))
.25157233

. *The distribution sector experience a reduction of trade of 25.157233\%
. 
. 
. log close
       log:  C:\NBB\Projects\ECB\single_step_sem_07_09.log
  log type:  text
 closed on:  27 Apr 2011, 18:34:18
----------------------------------------------------------------------------------------------
